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Pierces Key Resistance

GBPUSD TECHS
  • RES 4: 1.2877 High Apr 25 2022
  • RES 3: 1.2772 High Apr 26 2022
  • RES 2: 1.2759 61.8% of the Jun - Sep bear leg
  • RES 1: 1.2699 High May 14
  • PRICE: 1.2640 @ 05:50 BST Jun 15
  • SUP 1: 1.2601 Low Jun 14
  • SUP 2: 1.2499/43 20- and 50-day EMA values
  • SUP 3: 1.2369 Low Jun 5 and a key support
  • SUP 4: 1.2308 Low May 25 and the bear trigger

GBPUSD traded higher Wednesday, extending the current bull cycle to put prices at new multi-month highs. Price has breached 1.2592, 76.4% of the May 10 - 25 downleg and pierced 1.2680, the May 10 high. A clear break of this level would strengthen bullish conditions - 1.2680 is a key medium-term resistance. This would open 1.2759, a Fibonacci retracement. Initial firm support is seen at the 20-day EMA, which intersects at 1.2499.

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