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Holding On To Recent Gains

GBPUSD TECHS
  • RES 4: 1.2332 High Jun 27
  • RES 3: 1.2213 High Jun 29 / 50-day EMA
  • RES 2: 1.2125 High Jul 5
  • RES 1: 1.2090 High Jul 26
  • PRICE: 1.2054 @ 06:17 BST Jul 27
  • SUP 1: 1.1890/1760 Low Jul 21 / Low Jul 14 and the bear trigger
  • SUP 2: 1.1673 1.00 proj of the May 27 - Jun 14 - 16 price swing
  • SUP 3: 1.1640 Low Mar 25 2020
  • SUP 4: 1.1503 Low Mar 24 2020

GBPUSD is trading closer to its most recent highs and the pair remains in a short-term corrective bull cycle. Recent gains signal scope for a stronger short-term correction and attention is on the 50-day EMA at 1.2213 - a key resistance point. The primary trend direction is down. A resumption of weakness would refocus attention on 1.1673 next, a Fibonacci projection. The key support to watch is at 1.1760, the Jul 14 low and bear trigger.

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