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Bullish Focus

GBPUSD TECHS
  • RES 4: 1.3677 76.4% 2018 - 2020 Sell Off
  • RES 3: 1.3547 1.382 proj of Sep 23 - Oct 21 rally from Nov 2 low
  • RES 2: 1.3539 High Dec 4
  • RES 1: 1.3506 1.0% 10-dma envelope
  • PRICE: 1.3420 @ 05:48 GMT Dec 7
  • SUP 1: 1.3289/88 Low Nov 27 / Dec 2
  • SUP 2: 1.3247 Low Nov 20
  • SUP 3: 1.3196 Low Nov 19 and key near-term support
  • SUP 4: 1.3163 50-day EMA

GBPUSD is volatile and traded sharply lower from Friday's high of 1.3539. Despite this, the outlook is bullish and last week's extension reinforces the uptrend. The pair has cleared resistance at 1.3482, Sep 1 high, confirming a resumption of the broader uptrend that started in March. The focus is on 1.3547, a Fibonacci projection and ultimately 1.3677 - the 76.4% retracement of the 2018 - 2020 sell-off. Firm near-term support is at 1.3289/88.

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