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Strong Recovery

GBPUSD TECHS
  • RES 4: 1.2947 1.50 proj of the Apr 22 - May 3 - 9 price swing
  • RES 3: 1.2908 1.382 proj of the Apr 22 - May 3 - 9 price swing
  • RES 2: 1.2894 High Mar 8 and a key resistance
  • RES 1: 1.2740/2860 High Jun 19 / 12 And the bull trigger
  • PRICE: 1.2737 @ 14:34 BST Jul 3
  • SUP 1: 1.2613 Low June 27
  • SUP 2: 1.2584 Low May 15
  • SUP 3: 1.2514 61.8% retracement of the Apr 22 - Jun 12 bull cycle
  • SUP 4: 1.2446 Low May 9 and a key near-term support

GBPUSD is trading higher today, extending the recovery from Tuesday's low. The short-term bounce undermines the recent bearish theme and highlights a potential short-term reversal. Resistance to watch is 1.2740, the Jun 19 high. A break of this hurdle would be a bullish development and open 1.2860, the Jun 12 high and the key resistance. On the downside, key support has been defined at 1.2613, the Jun 27 low. A break would resume the recent bear leg.

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  • RES 4: 1.2947 1.50 proj of the Apr 22 - May 3 - 9 price swing
  • RES 3: 1.2908 1.382 proj of the Apr 22 - May 3 - 9 price swing
  • RES 2: 1.2894 High Mar 8 and a key resistance
  • RES 1: 1.2740/2860 High Jun 19 / 12 And the bull trigger
  • PRICE: 1.2737 @ 14:34 BST Jul 3
  • SUP 1: 1.2613 Low June 27
  • SUP 2: 1.2584 Low May 15
  • SUP 3: 1.2514 61.8% retracement of the Apr 22 - Jun 12 bull cycle
  • SUP 4: 1.2446 Low May 9 and a key near-term support

GBPUSD is trading higher today, extending the recovery from Tuesday's low. The short-term bounce undermines the recent bearish theme and highlights a potential short-term reversal. Resistance to watch is 1.2740, the Jun 19 high. A break of this hurdle would be a bullish development and open 1.2860, the Jun 12 high and the key resistance. On the downside, key support has been defined at 1.2613, the Jun 27 low. A break would resume the recent bear leg.