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Support Remains Intact For Now

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: 1.2764/2860 High Jun 14 / 12
  • PRICE: 1.2707 @ 06:13 BST Jun 19
  • SUP 1: 1.2657 Low Jun 14
  • SUP 2: 1.2584 Low May 15
  • SUP 3: 1.2510 Low May 14
  • SUP 4: 1.2446 Low May 9 and a key near-term support

The GBPUSD trend condition remains bullish, however, last week’s sell-off is a concern for bulls and price continues to trade closer to its recent lows. Attention is on key short-term support at 1.2673, the 50-day EMA. It has been pierced, a clear break of it would undermine the bullish theme and signal scope for a deeper correction, opening 1.2584 initially, May 15 low. For bulls, a reversal higher and a break of 1.2860, Jun 12 high, resumes the uptrend.

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