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June 24, 2021

Trade Ideas for GU, BTC, SPX500

Frank Cabibi

GU Sinks, BTC Consolidates, SPX Hits All-Time Highs
6/24/2021

GBP/USD Analysis 
GU on the 4H chart takes an aggressive bounce from support before retracing off resistance around 1.39997. GBP's bank rates were able to stay the same while setting policy to reach their 2% inflation target. The news might have caused price to fall this morning, but it looks like a higher low on this timeframe could be a bullish sign.
BTC/USD Analysis 
Bitcoin's price is still stuck in consolidation zone of support and resistance as its price action closely mimics gold's behavior on this timeframe. A falling trend line on the 4H got broke but couldn't break above resistance. Price will probably continue to consolidate, and it seems unlikely for bitcoin to fall below this major support zone.
SPX500 Analysis 
Markets extend gains to a new ATH this morning after final GDP q/q comes out as expected but unemployment claims rose. Bond yields are able to trade under 1.5% yield which is a good sign for stock bulls. New support lies at $4261.

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