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The 50-Day EMA Marks Resistance

GBPUSD TECHS
  • RES 4: 1.2800 Round number resistance
  • RES 3: 1.2772 High Apr 26
  • RES 2: 1.2774 50-day EMA
  • RES 1: 1.2667 High May 27
  • PRICE: 1.2577 @ 15:25 BST May 31
  • SUP 1: 1.2541 20-day EMA
  • SUP 2: 1.2472/38 Low May 24 and 20
  • SUP 3: 1.2317 Low May 17
  • SUP 4: 1.2156 Low May 13 and the bear trigger

GBPUSD is consolidating, but maintains a firmer tone and is trading closer to its recent highs. The pair has traded above resistance at 1.2638, May 4 high. This reinforces a bullish set-up and signals scope for a climb towards the 50-day EMA that intersects at 1.2724. This average also represents the next key resistance. Key support and the bear trigger is unchanged at 1.2156, the May 13 low. Initial firm support lies at 1.2472, low May 24.

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