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Bullish Trend Sequence

GBPUSD TECHS
  • RES 4: 1.2746 High Aug 30
  • RES 3: 1.2724 2.0% 10-dma envelope
  • RES 2: 1.2720 61.8% retracement of the Jul 14 - Oct 4 bear leg
  • RES 1: 1.2615 High Nov 24
  • PRICE: 1.2610 @ 16:07 GMT Nov 27
  • SUP 1: 1.2506/2397 High Nov 14 / 20-day EMA
  • SUP 2: 1.2359 50-day EMA
  • SUP 3: 1.2266 Low Nov 14
  • SUP 4: 1.2187 Low Nov 10 and key short-term support

The trend direction in GBPUSD is up and Friday’s gains have reinforced the bullish theme. The move higher maintains the current positive price sequence of higher highs and higher lows and price is through 1.2589, the 50.0% retracement for the Jul 14 - Oct 4 bear leg. This opens 1.2720, the 61.8% retracement level and 1.2724, a vol band resistance. On the downside, initial firm support to watch has been defined at 1.2397, the 20-day EMA.

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