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Watching Support At The 50-Day EMA

GBPUSD TECHS
  • RES 4: 1.3193 2.236 proj of the Apr 22 - May 3 - 9 price swing
  • RES 3: 1.3142 High Jul 14 ‘23 and a key resistance
  • RES 2: 1.3107 Bull channel top drawn from the Oct 4 ‘23 low
  • RES 1: 1.2938/3044 High Jul 24 / 17 and the bull trigger
  • PRICE: 1.2858 @ 05:59 BST Jul 30
  • SUP 1: 1.2807 Low Jul 29
  • SUP 2: 1.2787 50-day EMA
  • SUP 3: 1.2741 Low Jul 4
  • SUP 4: 1.2613 Low Jun 27 and a key support

GBPUSD traded lower Monday, extending the reversal that began Jul 17, before recovering from the session low. Support around the 20-day EMA has been cleared and this signals scope for a move towards 1.2787, the 50-day EMA. The latest move down appears to be a correction - for now. Moving average studies are in a bull-mode set-up, highlighting a rising trend. Key resistance and the bull trigger is unchanged at 1.3044, the Jul 17 high.

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