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Bullish Outlook

GBPUSD TECHS
  • RES 4: 1.1799 0.764 proj of the Sep 26 - Oct 5 - 12 price swing
  • RES 3: 1.1738 High Sep 13
  • RES 2: 1645 High Oct 27 and the bull trigger
  • RES 1: 1.1566 High Nov 1
  • PRICE: 1.1553 @ 15:45 GMT Nov 8
  • SUP 1: 1.1373/1150 20-day EMA / Low Nov 04
  • SUP 2: 1.1061 Low Oct 21
  • SUP 3: 1.0924 Low Oct 12 and a key short-term support
  • SUP 4: 1.0763 Low Sep 29

GBPUSD found support Friday highlighting a potential bullish reversal of the Oct 27 - Nov 4 bear leg. Price is once again trading above the 20- and 50-day EMAs and this is also seen as a positive development. A continuation higher would open key resistance and the bull trigger at 1.1645, Oct 27 high. Clearance of this level would confirm a resumption of the uptrend that started Sep 26. Initial firm support is at 1.1150, the Nov 4 low.

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