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Scandex Market Update – May 20

Scandinavian Capital Markets

Resistance came in slightly higher than thought for GBPUSD but the idea remains the same. Proposed support for long entry is 1.2160/90s. The bottom of the zone is the 61.8% retrace of this week’s rally and 4/6 low. The top of the zone is VWAP from this week’s low (see hourly futures chart 2 charts down). Additional bullish evidence includes a daily volume reversal yesterday (see daily futures chart below).

Scandinavian Capital Markets Review

Source: https://scandex.com/2020/05/20/market-update-may-20/
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