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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: 1.2777/2860 High Jul 3 / High Jun 12 and bull trigger
  • PRICE: 1.2742 @ 06:13 BST Jul 4
  • SUP 1: 1.2672/13 50-day EMA / 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 traded higher Wednesday, extending the recovery from Tuesday's low. The bounce undermines the recent bearish theme and highlights a potential short-term reversal. Resistance at 1.2740, the Jun 19 high, has also been cleared. A break of this hurdle is a bullish development and opens 1.2860, the Jun 12 high and the key resistance. Key support has been defined at 1.2613, the Jun 27 low. A break would resume the recent bear leg.

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