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Returning Lower

GBPUSD TECHS
  • RES 4: 1.2800 Round number resistance
  • RES 3: 1.2772 High Apr 26
  • RES 2: 1.2719 50-day EMA
  • RES 1: 1.2667 High May 27
  • PRICE: 1.2501 @ 15:55 BST June 1
  • SUP 1: 1.2484 Low Jun 1
  • SUP 2: 1.2472/38 Low May 24 and 20
  • SUP 3: 1.2317 Low May 17
  • SUP 4: 1.2156 Low May 13 and the bear trigger

GBPUSD returned lower Wednesday, working against the recent firmer tone. Key support and the bear trigger is unchanged at 1.2156, May 13 low. Initial firm support lies at 1.2472, low May 24. Price last week traded above resistance at 1.2638, May 4 high. This reinforced a bullish set-up and signals scope for an extension towards the 50-day EMA that intersects at 1.2719 - an important resistance point.

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