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GBPUSD TECHS: Support Remains Intact

GBPUSD TECHS
  • RES 4: 1.3425 1.764 proj of the Jun 27 - Jul 17 - Aug 8 price swing
  • RES 3: 1.3362 1.618 proj of the Jun 27 - Jul 17 - Aug 8 price swing 
  • RES 2: 1.3328 76.4% retrace of the Jun 2021 - Sep 2022 bear leg
  • RES 1: 1.3200/3266 High Aug 30 / 27 and the bull trigger
  • PRICE: 1.3179 @ 06:21 BST Sep 6
  • SUP 1: 1.3088 Low Sep 03
  • SUP 2: 1.3069 20-day EMA
  • SUP 3: 1.3011 Low Aug 21
  • SUP 4: 1.2944 50-day EMA

The recent pullback in GBPUSD is considered corrective and firm support to watch lies at 1.3069, the 20-day EMA. A clear break of this EMA would signal scope for a deeper retracement. Moving average studies are in a bull-mode position, highlighting a rising medium-term trend condition. A stronger resumption of gains would open 1.3328, a Fibonacci retracement. 1.3266, the Aug 27 high, is the bull trigger.

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