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Bulls Clear An Important Hurdle

GBPUSD TECHS
  • RES 4: 1.3319 High Sep 4
  • RES 3: 1.3292 76.4% retracement of the Sep 1 - 23 sell-off
  • RES 2: 1.3280 2.0% 10-dma envelope
  • RES 1: 1.3208 High Nov 9
  • PRICE: 1.3135 @ 16:59 GMT Nov 9
  • SUP 1: 1.3093 Low Nov 6
  • SUP 2: 1.3013 20-day EMA
  • SUP 3: 1.2911 Low Nov 3
  • SUP 4: 1.2855 Low Nov 2 and a key support

GBPUSD started the week on a firmer note following last week's gains. Importantly, the pair pushed higher in the Asia-Pac session and traded above key resistance at 1.3177, Oct 21 and Nov 6 high. The break above this level signals scope for further gains with attention turning to 1.3292 next, 76.4% of the Sep 1 - 23 sell-off. Note that price has traded above the 61.8% retracement at 1.3174. Initial support lies at Friday's 1.3093 low.

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