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Trend Structure Remains Bullish

GBPUSD TECHS
Foreign Exchange Technical AnalysisHomepagemarkets-real-timeBulletMarketsForeign Exchange Bullets
  • RES 4: 1.2894 High Mar 8 and a key resistance
  • RES 3: 1.2823 High Mar 14
  • RES 2: 1.2803 High Mar 21
  • RES 1: 1.2761 High May 22
  • PRICE: 1.2748 @ 16:22 BST May 24
  • SUP 1: 1.2643/1.2596 Low May 16 / 50-day EMA
  • SUP 2: 1.2510 Low May 14
  • SUP 3: 1.2446 Low May 9 and a key near-term support
  • SUP 4: 1.2423 Low Apr 24

Friday’s price action has affirmed the underlying bullish trend condition and short-term pullbacks are considered corrective. The recent breach of 1.2634, the May 3 high, confirmed a resumption of the current bull cycle and this opened 1.2754, 76.4% of the Mar 8 - Apr 22 bear leg. 1.2754 was pierced Wednesday, a clear break would expose 1.2803, the Mar 21 high. Initial firm support to watch lies at 1.2596, the 50-day EMA.

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  • RES 4: 1.2894 High Mar 8 and a key resistance
  • RES 3: 1.2823 High Mar 14
  • RES 2: 1.2803 High Mar 21
  • RES 1: 1.2761 High May 22
  • PRICE: 1.2748 @ 16:22 BST May 24
  • SUP 1: 1.2643/1.2596 Low May 16 / 50-day EMA
  • SUP 2: 1.2510 Low May 14
  • SUP 3: 1.2446 Low May 9 and a key near-term support
  • SUP 4: 1.2423 Low Apr 24

Friday’s price action has affirmed the underlying bullish trend condition and short-term pullbacks are considered corrective. The recent breach of 1.2634, the May 3 high, confirmed a resumption of the current bull cycle and this opened 1.2754, 76.4% of the Mar 8 - Apr 22 bear leg. 1.2754 was pierced Wednesday, a clear break would expose 1.2803, the Mar 21 high. Initial firm support to watch lies at 1.2596, the 50-day EMA.