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Short-Term Rally Extends

GBPUSD TECHS
  • RES 4: 1.2680 High May 10 and the bull trigger
  • RES 3: 1.2641 High May 11
  • RES 2: 1.2547 High May 16
  • RES 1: 1.2511 Intraday high
  • PRICE: 1.2506 @ 14:58 BST Jun 1
  • SUP 1: 1.2401/2308 Intraday low / Low May 25 and the bear trigger
  • SUP 2: 1.2275 Low Apr 3
  • SUP 3: 1.2242 50.0% retracement of the Mar 8 - May 10 bull run
  • SUP 4: 1.2213 Low Mar 27

The current corrective cycle in GBPUSD remains in play and the pair is trading higher today. This week’s recovery has resulted in a move above the 20- and 50-day EMAs. The break signals potential for a continuation and the focus shifts to 1.2547, the May 16 high. On the downside, a break of today’s 1.2401 low is required to signal a potential top. This would expose key support and the bear trigger at 1.2308, the May 25 low.

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