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Recovery Intact

GBPUSD TECHS
  • RES 4: 1.2947 1.50 proj of the Apr 22 - May 3 - 9 price swing
  • RES 3: 1.2908 1.382 proj of the Apr 22 - May 3 - 9 price swing
  • RES 2: 1.2894 High Mar 8 and a key resistance
  • RES 1: 1.2819/2860 Intraday high / High Jun 12 and bull trigger
  • PRICE: 1.2814 @ 05:59 BST Jul 8
  • SUP 1: 1.2707/2681 20- and 50-day EMA
  • SUP 2: 1.2613 Low Jun 27
  • SUP 3: 1.2584 Low May 15
  • SUP 4: 1.2514 61.8% retracement of the Apr 22 - Jun 12 bull cycle

GBPUSD traded higher Friday and a bullish theme remains intact. Gains last week undermine a recent bearish theme and resistance at 1.2740, the Jun 19 high, has been cleared. The move through this hurdle signals scope for a climb towards 1.2860, the Jun 12 high and the next important resistance. Key support lies at 1.2613, the Jun 27 low. A break of it is required to resume the recent bear leg. First support lies at 1.707, the 20-day EMA.

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