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GBPUSD TECHS: Trend Needle Points North

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: 1.3266 High Aug 27 
  • PRICE: 1.3210 @ 06:13 BST Aug 29
  • SUP 1: 1.3168 Low Aug 28  
  • SUP 2: 1.3077 Low Aug 22
  • SUP 3: 1.3023 20-day EMA
  • SUP 4: 1.2888 50-day EMA

Bullish conditions in GBPUSD remain intact and the pair continues to trade closer to its recent highs. Price has recently traded through two important resistance points; 1.3142 and 1.3149, the Jul 14 ’23 high and the top of a bull channel drawn from the Oct 4 ‘23 low. This strengthens bullish conditions and maintains the sequence of higher highs and higher lows. Sights are on 1.3328, a Fibonacci retracement. Firm support is at 1.3004, the 20-day EMA.

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