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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: 1.2830 High Jul 7
  • PRICE: 1.2828 @ 15:52 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 traded higher again Friday, building on post-payrolls gains. 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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