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Watching Support

GBPUSD TECHS
  • RES 4: 1.2947 5.0% proj of the Apr 22 - May 3 - 9 price swing
  • RES 3: 1.2908 1.382 proj of the Apr 22 - May 3 - 9 price swing
  • RES 2: 1.2894 High Mar 8 and a key resistance
  • RES 1: 1.2860 High Jun 12
  • PRICE: 1.2707 @ 12:22 BST Jun 14
  • SUP 1: 1.2669 50-day EMA and a key area of support
  • 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

GBPUSD trend condition remains bullish, however, the pair has pulled back from this week’s high. Attention is on key short-term support at 1.2669, the 50-day EMA. A clear break of this average would undermine the bullish theme and signal scope for a deeper correction. This would open 1.2510 initially, the May 14 low. For bulls, a reversal higher and a break of 1.2860, the Jun 12 high, resumes the uptrend.

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