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Trend Direction Remains Up

GBPUSD TECHS
  • RES 4: 1.2667 High May 27 2022
  • RES 3: 1.2656 2.0% 10-dma envelope
  • RES 2: 1.2599 High Jun 7 2022
  • RES 1: 1.2487/1.2525 High Apr 6 / 4 and the bull trigger
  • PRICE: 1.2475 @ 15:07 BST Apr 12
  • SUP 1: 1.2345 Low Apr 10
  • SUP 2: 1.2324 20-day EMA
  • SUP 3: 1.2275 Low Apr 3
  • SUP 4: 1.2217 50-day EMA

GBPUSD remains in an uptrend as the recent move lower is considered corrective. Last week’s gains resulted in a break of 1.2448, the Jan 23 high and the top of a broad 3.5 months range. The break marks an important medium-term development signalling the next stage of the uptrend that started Sep 26 2022. The focus is on 1.2656, the top of a MA envelope study. The bull trigger is 1.2525, Apr 4 high. Support is at 1.2324, 20-day EMA.

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