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GBPUSD TECHS: Uptrend 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: 1.3266 High Aug 27 
  • PRICE: 1.3216 @ 15:58 BST Aug 28
  • SUP 1: 1.3179 Low Aug 26  
  • SUP 2: 1.3077 Low Aug 22
  • SUP 3: 1.3044/2984 High Jul 17 / 20-day EMA
  • SUP 4: 1.2876 50-day EMA

GBPUSD bullish conditions remain intact and Tuesday’s fresh trend high reinforces the current positive trend set-up. The pair has recently traded through two important resistance points; 1.3142 and 1.3147, 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 1.3328, a Fibonacci retracement. Firm support to watch is 1.2984, the 20-day EMA.               

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