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Holding On To Its Recent Gains

GBPUSD TECHS
  • RES 4: 1.2772 High Apr 26 2022
  • RES 3: 1.2680 High May 10 and the bull trigger
  • RES 2: 1.2641 High May 11
  • RES 1: 1.2592 76.4% retracement of the May 10 - 25 bear cycle
  • PRICE: 1.2572 @ 06:28 BST Jun 12
  • SUP 1: 1.2464/24 20- and 50-day EMA values
  • SUP 2: 1.2369/2308 Low Jun 5 / Low May 25 and the bear trigger
  • SUP 3: 1.2275 Low Apr 3
  • SUP 4: 1.2242 50.0% retracement of the Mar 8 - May 10 bull run

GBPUSD is holding on to its latest gains. Resistance at 1.2545, the Jun 2 high, was cleared last week. This signals scope for a continuation higher near-term and attention is on 1.2592, a Fibonacci retracement. Clearance of this level would expose key resistance at 1.2680, the May 10 high. Initial firm support has been defined at 1.2369, the Jun 5 low. A break would reinstate a bearish theme.

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