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Trend Needle Points North

GBPUSD TECHS
  • RES 4: 1.2877 High Apr 25 2022
  • RES 3: 1.2780 2.0% 10-dma envelope
  • RES 2: 1.2767 61.8% of the Jun 1 ‘21 - Sep 26 ‘22 downtrend
  • RES 1: 1.2680 High May 10
  • PRICE: 1.2621 @ 16:23 BST May 10
  • SUP 1: 1.2548/2504 Low May 4 / 20-day EMA
  • SUP 2: 1.2436 Low May 2
  • SUP 3: 1.2353/45 Low Apr 17 / 10
  • SUP 4: 1.2275 Low Apr 3

The trend outlook in GBPUSD remains bullish and the pair is trading closer to its recent highs. Recent cycle highs maintain the bullish price sequence of higher highs and higher lows. The focus is on 1.2767 next, a Fibonacci retracement. Moving average studies remain in a bull mode set-up and this highlights a clear uptrend. Support to watch is at the 20-day EMA, which intersects at 1.2504.

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