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GBPUSD TECHS: Uptrend Remains Intact

GBPUSD TECHS
  • RES 4: 1.3362 1.618 proj of the Jun 27 - Jul 17 - Aug 8 price swing   
  • RES 3: 1.3328 76.4% retrace of the Jun 2021 - Sep 2022 bear leg   
  • RES 2: 1.3261 1.382 proj of the Jun 27 - Jul 17 - Aug 8 price swing
  • RES 1: 1.3247 High Aug 27 
  • PRICE: 1.3240 @ 15:32 BST Aug 27
  • SUP 1: 1.3077 Low Aug 22 
  • SUP 2: 1.3044/2955 High Jul 17 / 20-day EMA
  • SUP 3: 1.2860/2665 50-day EMA / Low Aug 8 and the bear trigger
  • SUP 4: 1.2613 Low Jun 27 and a key support

GBPUSD bullish conditions remain intact and recent gains have reinforced the current trend set-up. The pair has traded through two important resistance points; 1.3142/43, the Jul 14 ’23 high and the top of a bull channel drawn from the Oct 4 ‘23 low. This strengthens bullish conditions and paves the way for a climb towards 1.3261, a Fibonacci projection. Firm support to watch is 1.2955, the 20-day EMA.               

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