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Bullish Focus

  • RES 4: 1.1738 High Sep 13 and a key resistance
  • RES 3: 1.1590 High Sep 14
  • RES 2: 1.1468/1495 50-day EMA / High Oct 5 and the bull trigger
  • RES 1: 1.1380 High Oct 13
  • PRICE: 1.1168 @ 18:11 BST Oct 14
  • SUP 1: 1.1058 Low Oct 13
  • SUP 2: 1.0924/22 Low Oct 12 / 50.0% of Sep 26 - Oct 5 bull cycle
  • SUP 3: 1.0787 61.8% retracement of Sep 26 - Oct 5 bull cycle
  • SUP 4: 1.0541/0350 Low Sep 28 / All Time Low

GBPUSD traded higher Thursday, extending the bounce from last Wednesday's 1.0924 low. The recent move lower between Oct 5 - 12 appears to be a correction. A continuation higher would signal scope for a test and possible breach of 1.1495, the Oct 5 high and bull trigger. On the downside, a resumption of weakness would instead expose 1.0922 and 1.0787, Fibonacci retracement levels.

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