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Sights Are On Key Resistance

GBPUSD TECHS
  • 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: 1.2808 Intraday high
  • PRICE: 1.2776 @ 13:48 BST Jul 7
  • SUP 1: 1.2672/2591 20-day EMA / Low Jun 29
  • SUP 2: 1.2578/75 Trendline drawn from the Mar 8 low / 50-day EMA
  • SUP 3: 1.2433 Low Jun 8
  • SUP 4: 1.2369 Low Jun 5 and a key support

GBPUSD has traded higher again today but has pulled back from the intraday high. For bulls, support at 1.2591, the Jun 29 low, remains intact. Resistance at 1.2760, the Jun 27 high, has been cleared. A continuation higher would signal scope for a test and possible break of key resistance at 1.2849, a Fibonacci projection. On the downside, clearance of 1.2591 would instead resume the recent downtrend and expose the 50-day EMA at 1.2575.

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