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Trading Closer To Its Recent Lows

GBPUSD TECHS
  • RES 4: 1.2680 High May 10 and the bull trigger
  • RES 3: 1.2547/2641 High May 16 / 11
  • RES 2: 1.2493 High May 18
  • RES 1: 1.2401/36 50- and 20-day EMA values
  • PRICE: 1.2357 @ 05:59 BST May 30
  • SUP 1: 1.2308 Low May 25
  • SUP 2: 1.2275 Low Apr 3
  • SUP 3: 1.2242 50.0% retracement of the Mar 8 - May 10 bull run
  • SUP 4: 1.2213 Low Mar 27

GBPUSD bears remain in the driver’s seat and the pair is trading closer to its recent lows. Price has recently cleared support at the 50-day EMA and breached 1.2345, the Apr 10 low. This paves the way for a move towards 1.2242 next, a Fibonacci retracement. On the upside, initial firm resistance is at 1.2436, the 20-day EMA. A clear break of this average would signal a possible reversal.

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