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Impulsive Bull Rally

GBPUSD TECHS
  • RES 4: 1.3142 High Jul 14 ‘23 and a key resistance
  • RES 3: 1.3035 1.764 proj of the Apr 22 - May 3 - 9 price swing
  • RES 2: 1.2996 High Jul 27 2023
  • RES 1: 1.2991 High Jul 12
  • PRICE: 1.2976 @ 06:02 BST Jul 15
  • SUP 1: 1.2848 Low Jul 11
  • SUP 2: 1.2775/2716 20- and 50-day EMA
  • SUP 3: 1.2613 Low Jun 27
  • SUP 4: 1.2584 Low May 15

GBPUSD remains in a bull-mode condition and last week’s strong impulsive rally reinforces current conditions. The move higher resulted in a break of key short-term resistance at 1.2860, the Jun 12 high and a bull trigger. This was followed by a breach of 1.2894, the Mar 8 high and a key medium-term resistance, strengthening a bullish condition. The break opens 1.2996, the Jul 27 ‘23 high. Initial firm support is 1.2794, the 20-day EMA.

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