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Bear Cycle Extends

GBPUSD TECHS
  • RES 4: 1.2599 High Jun 7
  • RES 3: 1.2506 1.382 proj of the Sep 26 - Oct 5 - Oct 12 price swing
  • RES 2: 1.2242/2446 High Dec 19 / 14 and the bull trigger
  • RES 1: 1.2148 High Dec 22
  • PRICE: 1.2022 @ 15:21 GMT Jan 3
  • SUP 1: 1.1928 1.0% 10-dma envelope
  • SUP 2: 1.1901 Intraday Low / Low Nov 30 and key support
  • SUP 3: 1.1779 Low Nov 21
  • SUP 4: 1.1645 38.2% retracement of the Sep - Dec rally

GBPUSD traded lower Tuesday, with an impulsive sell-off finally finding support at the Nov 30 low at 1.1901. Price action highlights the end of a recent period of consolidation, and keeps the short-term outlook bearish. This follows the sharp sell-off on Dec 15 and the subsequent follow through reinforced this theme. On the upside, key short-term resistance has been defined at 1.2446, the Dec 14 high. Initial resistance is at 1.2148, the Dec 22 high.

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