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Trading Above Support

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: 1.2760 High Jun 27
  • PRICE: 1.2706 @ 05:50 BST Jul 5
  • SUP 1: 1.2591 Low Jun 29
  • SUP 2: 1.2563/60 50-day EMA / Trendline drawn from the Mar 8 low
  • SUP 3: 1.2433 Low Jun 8
  • SUP 4: 1.2369 Low Jun 5 and a key support

GBPUSD is consolidating and remains above 1.2591, the Jun 29 low and a key near-term support. Last Friday’s price action could be an early reversal signal that suggests the recent corrective pullback is over. Resistance to watch is 1.2760, Jun 27 high. A break would expose key resistance at 1.2849, a Fibonacci projection. For bears, a break of 1.2591 would instead resume the recent downtrend and expose the 50-day EMA at 1.2563.

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