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Bullish Price Sequence

GBPUSD TECHS
  • RES 4: 1.2643 High Sep 4
  • RES 3: 1.2608 2.0% 10-dma envelope
  • RES 2: 1.2589 50.0% retracement of the Jul 14 - Oct 4 bear leg
  • RES 1: 1.2559 High Nov 21
  • PRICE: 1.2532 @ 16:25 GMT Nov 21
  • SUP 1: 1.2374/23274 Low Nov 17 / 50-day EMA
  • SUP 2: 1.2266 Low Nov 14
  • SUP 3: 1.2187 Low Nov 10 and key short-term support
  • SUP 4: 1.2138 Low Nov 2

A bull cycle in GBPUSD remains in play and this week’s gains reinforce current bullish conditions. Resistance at 1.2506, the Nov 14 high has been cleared The break higher confirms a resumption of the uptrend and maintains a price sequence of higher highs and higher lows. Sights are on 1.2589, 50.0% of the Jul 14 - Oct 4 bear leg. On the downside, initial support has been defined at 1.2374, the Nov 17 low.

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