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Approaching The Range Base

GBPUSD TECHS
  • RES 4: 1.2996 High Jul 27
  • RES 3: 1.2881 76.4% retracement of the Jul 14 - Oct 4 bear leg
  • RES 2: 1.2827 High Dec 28 and the bull trigger
  • RES 1: 1.2697/2775 20-day EMA / High Jan 24
  • PRICE: 1.2610 @ 06:01 GMT Feb 5
  • SUP 1: 1.2597 Low Jan 17 and key range support
  • SUP 2: 1.2525 38.2% retracement of the Oct 4 - Dec 28 bull phase
  • SUP 3: 1.2500 Low Dec 13
  • SUP 4: 1.2432 50.0% retracement of the Oct 4 - Dec 28 bull phase

GBPUSD traded sharply lower Friday and the pair maintains a weaker tone. Attention is on key support at 1.2597, the Jan 17 low and range base. A clear break of this level would strengthen a bearish, highlight a range breakout and signal scope for weakness towards 1.2500, the Dec 13 low. Initial resistance is at 1.2697, the 20-day EMA. Key resistance is unchanged at 1.2827, the Dec 28 high.

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