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Clears Resistance

GBPUSD TECHS
  • RES 4: 1.2643 High Sep 4
  • RES 3: 1.2589 50.0% retracement of the Jul 14 - Oct 4 bear leg
  • RES 2: 1.2535 2.0% 10-dma envelope
  • RES 1: 1.2506/14 High Nov 14 / 3.0% Upper Bollinger Band
  • PRICE: 1.2492 @ 06:21 GMT Nov 15
  • SUP 1: 1.2305 50-day EMA
  • SUP 2: 1.2187 Low Nov 10 and key short-term support
  • SUP 3: 1.2138 Low Nov 2
  • SUP 4: 1.2070 Low Oct 26

GBPUSD rallied sharply higher Tuesday to confirm a resumption of the bull cycle that started on Oct 4. Resistance at 1.2428, the Nov 6 high, has been cleared and note that price is also through 1.2459, the 38.2% retracement of the Jul 14 - Oct 4 bear leg. This signals scope for a climb towards 1.2589 next, the 50.0% retracement point. On the downside, firm short-term support has been defined at 1.2187, the Nov 10 low.

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