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Holding Onto Recent Corrective Gains

GBPUSD TECHS
  • RES 4: 1.4133 High Jun 16
  • RES 3: 1.4074 Low Jun 10
  • RES 2: 1.4001 High Jun 23 and key resistance
  • RES 1: 1.3946 50-day EMA
  • PRICE: 1.3895 @ 05:55 BST Jul 13
  • SUP 1: 1.3733 Low Jul 2 and the bear trigger
  • SUP 2: 1.3717 Low Apr 16
  • SUP 3: 1.3669 Low Apr 12 and a key support
  • SUP 4: 1.3567 Low Apr 2

GBPUSD is holding onto recent gains. The outlook remains bearish though. Cable recently breached 1.3787, Jun 21 low and this confirmed a resumption of the current bearish cycle. The move lower signals scope for a test of 1.3717, Apr 16 low. Attention is also on the key short-term support and bear trigger at 1.3669, Apr 12 low. Firm resistance is seen at 1.4001, Jun 23 high where a break would alter the picture. First resistance is at 1.3948.

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