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Bullish Price Structure

GBPUSD TECHS
  • RES 4: 1.3357 High Sep 3
  • RES 3: 1.3319 High Sep 4
  • RES 2: 1.3292 76.4% retracement of the Sep 1 - 23 sell-off
  • RES 1: 1.3280 Intraday high
  • PRICE: 1.3260 @ 05:53 GMT Nov 11
  • SUP 1: 1.3157 Low Nov 10
  • SUP 2: 1.3093 Low Nov 6
  • SUP 3: 1.3051 20-day EMA
  • SUP 4: 1.2911 Low Nov 3

GBPUSD started this week on a strong note following last week's gains and remains firm. Importantly, the pair has breached key resistance at 1.3177, Oct 21 and Nov 6 high. The break above this level signals scope for further strength with attention on 1.3292 next, 76.4% of the Sep 1 - 23 sell-off. Note that price has traded through the 61.8% retracement at 1.3174. Initial support lies at 1.3157 ahead of Friday's 1.3093 low.

MNI London Bureau | +44 203-586-3805 | taso.anastasiou.ext@marketnews.com

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