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Resumes Its Medium-TermUptrend

GBPUSD TECHS
  • RES 4: 1.3090 High Apr 21
  • RES 3: 1.3035 High Apr 22 2022
  • RES 2: 1.2977 0.764 proj of the Mar 8 - May 10 - May 25 price swing
  • RES 1: 1.2925 0.618 proj of the May 25 - Jun 16 - Jun 29 bull leg
  • PRICE: 1.2882 @ 06:07 BST Jul 11
  • SUP 1: 1.2704/2674 20-day EMA / Low Jul 6
  • SUP 2: 1.2596/91 Trendline drawn from the Mar 8 low / Low Jun 29
  • SUP 3: 1.2433 Low Jun 8
  • SUP 4: 1.2369 Low Jun 5 and a key support

GBPUSD traded higher Monday, starting the week on a firmer note and the pair is climbing today. Price has breached resistance at 1.2848, the Jun 16 high to confirm a resumption of the medium-term uptrend. This maintains the price sequence of higher highs and higher lows and note that moving average studies are in a bull-mode position. The break opens 1.2977, a Fibonacci projection. Initial firm support lies at 1.2704, the 20-day EMA.

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