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Bearish Focus

  • RES 4: 1.3913 High Sep 14 and a key resistance
  • RES 3: 1.3835 High Oct 20
  • RES 2: 1.3658 50-day EMA
  • RES 1: 1.3440/3607 High Intraday high / High Nov 9
  • PRICE: 1.3431 @ 06:22 GMT Nov 15
  • SUP 1: 1.3353 Low Nov 12
  • SUP 2: 1.3334 1.00 proj of the Sep 14 - 29 - Oct 20 price swing
  • SUP 3: 1.3304 Low Dec 22, 2020
  • SUP 4: 1.3216 1.236 proj of the Sep 14 - 29 - Oct 20 price swing

GBPUSD outlook remains bearish. The pair has breached support at 1.3412, Sep 29 low. This confirms a resumption of the current bear trend and paves the way for an extension lower short-term. Moving average studies remain in a bear mode condition and this reinforces current conditions. The focus is on 1.3334 next, a Fibonacci projection. Firm resistance has been defined at 1.3607, Nov 9 high.

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