June 06, 2024 05:11 GMT
Trend Condition Is Bullish
GBPUSD TECHS
- RES 4: 1.2908 1.382 proj of the Apr 22 - May 3 - 9 price swing
- RES 3: 1.2894 High Mar 8 and a key resistance
- RES 2: 1.2859 1.236 proj of the Apr 22 - May 3 - 9 price swing
- RES 1: 1.2817 High June 4
- PRICE: 1.2795 @ 06:10 BST Jun 6
- SUP 1: 1.2702/1.2645 20- and 50-day EMA values
- 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 trend condition in GBPUSD is unchanged and remains bullish. Recent fresh fresh cycle highs and a print above 1.2801, the May 29 high, confirms a resumption of the uptrend and an extension of the rising price sequence of higher highs and higher lows. Moving average studies remain in a bull-mode position, reinforcing current trend conditions. Sights are on 1.2859, a Fibonacci projection. Initial support to watch is 1.2702, the 20-day EMA.
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