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Free AccessRemains Above Last Week’s Low
- RES 4: 1.2977 0.764 proj of the Mar 8 - May 10 - May 25 price swing
- RES 3: 1.2877 High Apr 25 2022
- RES 2: 1.2849 0.618 proj of the Mar 8 - May 10 - May 25 price swing
- RES 1: 1.2760 High Jun 27
- PRICE: 1.2684 @ 16:05 BST Jul 3
- SUP 1: 1.2591 Low Jun 29
- SUP 2: 1.2545/33 50-day EMA / Trendline drawn from the Mar 8 low
- SUP 3: 1.2433 Low Jun 8
- SUP 4: 1.2369 Low Jun 5 and a key support
GBPUSD has recovered from 1.2591, the Jun 29 low. Friday’s price action could be an early reversal signal that suggests the recent corrective pullback is over. A move above resistance at 1.2760, the Jun 27 high, would be a positive development. For bears, a resumption of weakness and a break of 1.2591 would resume the recent downtrend and expose the 50-day EMA at 1.2551 and trendline support at 1.2542 - drawn from the Mar 8 low.
To read the full story
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Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.