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Approaching The 20-Day EMA

GBPUSD TECHS
  • RES 4: 1.1587 50-day EMA
  • RES 3: 1.1461 High Sep 20
  • RES 2: 1.1364 High Sep 22
  • RES 1: 1.1261 20-day EMA
  • PRICE: 1.1133 @ 06:31 BST Oct 3
  • SUP 1: 1.0763 Low Sep 29
  • SUP 2: 1.0541/0350 Low Sep 28 / All Time Low
  • SUP 3: 1.0203 3.236 proj of the Jun 16 - Jul 14 - Aug 1 price swing
  • SUP 4: 1.0108 3.382 proj of the Jun 16 - Jul 14 - Aug 1 price swing

GBPUSD is trading closer to its recent highs and ahead of resistance at 1.1261, the 20-day EMA. The latest recovery follows a short-term reversal on Sep 26 - a hammer candle pattern highlighted a short-term base. This is allowing a recent oversold trend reading to unwind. A break of the 20-day EMA would strengthen the current bull cycle and open 1.1587, the 50-day EMA. 1.0350, the Sep 26 low, remains the bear trigger and key support.

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