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Bullish Tone Remains Intact

GBPUSD TECHS
  • RES 4: 1.3357 High Sep 3
  • RES 3: 1.3319 High Sep 4
  • RES 2: 1.3312 High Nov 11 and the bull trigger
  • RES 1: 1.3243 High Nov 16
  • PRICE: 1.3193 @ 16:16 GMT Nov 16
  • SUP 1: 1.3106 Low Nov 12 and key near-term support
  • SUP 2: 1.3093 Low Nov 6
  • SUP 3: 1.3015 50-day EMA
  • SUP 4: 1.2911 Low Nov 3

GBPUSD maintains a bullish tone despite the corrective pullback on Nov 11 and 12. Recent gains have seen the pair breach a former key resistance at 1.3177, Oct 21 and Nov 6 high. This maintains the recovery that started on Sep 23 and the current bullish price sequence of higher highs and higher lows. The bull trigger is at 1.3312 where a break would open 1.3357, Sep 3 high. On the downside, firm short-term support lies at 1.3106, Nov 12 low.

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