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Clears Resistance

GBPUSD TECHS
  • RES 4: 1.2996 High Jul 27
  • RES 3: 1.2881 76.4% retracement of the Jul 14 - Oct 4 bear leg
  • RES 2: 1.2819 High Aug 10
  • RES 1: 1.2800 High Aug 22
  • PRICE: 1.2759 @ 05:59 GMT Dec 15
  • SUP 1: 1.2612 Low Dec 14
  • SUP 2: 1.2568/00 20-day EMA / Low Dec 13 and key support
  • SUP 3: 1.2473 50-day EMA
  • SUP 4: 1.2374 Low Nov 17

GBPUSD remains bullish, with the recent pullback confirmed as corrective. Wednesday’s rally and Thursday’s extension, reinforces a bullish theme. Note that moving average studies are in a bull-mode set-up, highlighting a rising trend. Key resistance and the bull trigger at 1.2733, the Nov 29 high, has been cleared, confirming the resumption of the uptrend. Sights are on 1.2800. Initial firm support to watch is 1.2568, the 20-day EMA.

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