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Bullish Outlook

GBPUSD TECHS
  • RES 4: 1.1738 High Sep 13 and a key resistance
  • RES 3: 1.1590 High Sep 14
  • RES 2: 1.1495 High Oct 5 and the bull trigger
  • RES 1: 1.1420 50-day EMA
  • PRICE: 1.1297 @ 05:53 BST Oct 25
  • SUP 1: 1.1061/1058 Low Oct 21 / 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 is unchanged and continues to trade inside its recent range. The short-term outlook is bullish and a resumption of gains would signal scope for a climb towards 1.1495, the Oct 5 high and a bull trigger. Clearance of this level would strengthen a bull cycle plus highlight scope for a stronger reversal. On the downside, key near-term support is unchanged at 1.0924, the Oct 12 low. A break of this level would instead reinstate a bearish theme.

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