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Resumes Its Uptrend

GBPUSD TECHS
  • RES 4: 1.2703 2.0% 10-dma envelope
  • RES 3: 1.2667 High May 27 2022
  • RES 2: 1.2599 High Jun 7 2022
  • RES 1: 1.2515/2546 High Apr 26 / High Apr 14 and the bull trigger
  • PRICE: 1.2571 @ 19:05 BST Apr 28
  • SUP 1: 1.2428 20-day EMA
  • SUP 2: 1.2353/45 Low Apr 17 / 10
  • SUP 3: 1.2316 50-day EMA
  • SUP 4: 1.2191 Low Mar 24

The trend outlook in GBPUSD remains bullish and Friday’s gains reinforce this theme. The pair traded higher to breach resistance at 1.2546, the Apr 14 high and bull trigger. This confirms a resumption of the uptrend and opens 1.2599, the Jun 7 2022 high. Support to watch is at the 20-day EMA, at 1.2428. The average has been pierced, a clear break is required to suggest scope for a deeper correction.

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