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GBPUSD TECHS: Recovery Extends

GBPUSD TECHS
  • RES 4: 1.3114 - 2.00 proj of the Apr 22 - May 3 - 9 price swing    
  • RES 3: 1.3044 High Jul 17 and the bull trigger
  • RES 2: 1.3013 High Jul 18 
  • RES 1: 1.2997 High Aug 19
  • PRICE: 1.2977 @ 16:42 BST Aug 19
  • SUP 1: 1.2824 20-day EMA  
  • SUP 2: 1.2794/2665 50-day EMA / 8 and the bear trigger 
  • SUP 3: 1.2613 Low Jun 27 and a key support
  • SUP 4: 1.2584 61.8% retracement of the Apr 22 - Jul 17 bull cycle

GBPUSD is starting the week on a firmer note, trading higher and extending the current bull cycle. The rally since Aug 8, undermines the recent bearish theme and price has traded above the 20-day EMA. A continuation higher would highlight a stronger reversal. 1.2955, 76.4% of the Jul 17 - Aug 8 bear leg, has been pierced. A clear break would open 1.3044, the Jul 17 and bull trigger. Initial firm support lies at 1.2824, the 20-day EMA.               

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