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GBPUSD Bull Theme

Technical Analysis

A push still higher Monday through  resistance at 1.5598 (as we had expected) after a firm rally late last week from ahead of our 1.5397 support to reinforce the firm recovery theme into Tuesday.

Moreover, the early June rebound from above a key foundation at 1.5087 (from support now established at 1.5189/69) leaves a positive recovery tone through mid-June.

 

For Today:

  • We see an upside bias for 1.5677/1.5700; break here aims closer to 1.5815/26.
  • But below 1.5538 opens risk down to 1.5484, maybe 1.5465/60, which we would look to try to hold.

Short/ Intermediate-term Outlook – Upside Risks:

  • Whilst above 1.5087, we see a positive tone with the bullish threat back to 1.5700 and through 1.5815/26.
  • Above here targets 1.5879, 1.6000 and 1.6182/88 into May.

What Changes This? Below 1.5087 signals a neutral tone, only shifting negative below 1.4854.

Risk Statement: Trading Foreign Exchange on margin carries a high level of risk and may not be suitable for all investors. The possibility exists that you could lose more than your initial deposit. The high degree of leverage can work against you as well as for you.


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