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Bull Trend Extension

GBPUSD TECHS
  • RES 4: 1.3835 High Oct 20 and a key resistance
  • RES 3: 1.3813 2.0% 10-dma envelope
  • RES 2: 1.3698 High Nov 4
  • RES 1: 1.3676 76.4% retracement of the Oct - Dec sell-off
  • PRICE: 1.3644 @ 06:17 GMT Jan 12
  • SUP 1: 1.3528 Low Jan 7
  • SUP 2: 1.3474 20-day EMA
  • SUP 3: 1.3409 Low Dec 29
  • SUP 4: 1.3343 Low Dec 23

GBPUSD continues to trade higher and remains in an uptrend. The pair has this week cleared the 1.3600 handle and resistance at 1.3607, the Nov 9 high. This maintains the current bullish price sequence of higher highs and higher lows and scope is seen for a climb to 1.3676 next, a Fibonacci retracement. Support to watch is at 1.3474, the 20-day EMA. A move below this average is required to threaten the trend.

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