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CROSS ASSET

Commodity-Tied Dollar Bloc Leads

JGBS

Cheaper On Wider Impetus

AUSSIE BONDS

YM Off Lows, Trouble Staying Offered In Wake Of GDP

FED

VIEW: BNP Paribas: Faster Tapering

US EURODLR FUTURES

Some Light Selling Seen

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  • RES 4: 1.3983 High Jul 30
  • RES 3: 1.3958 High Aug 4
  • RES 2: 1.3913 High Sep 14 and a key resistance
  • RES 1: 1.3835 High Oct 20
  • PRICE: 1.3791 @ 16:18 BST Oct 26
  • SUP 1: 1.3707 20-day EMA
  • SUP 2: 1.3655 Low Oct 14
  • SUP 3: 1.3544 Low Oct 6
  • SUP 4: 1.3459/12 2.0% 10-dma env / Low Sep 29 and bear trigger

GBPUSD is trading below recent highs. The pullback appears to be a shallow correction and this reinforces a bullish theme. The rally from late September remains intact and the recent breach of the 50-day EMA and last week's extension signals scope for further gains. Price has traded above 1.3795, 76.4% of the Sep 14 -29 downleg. The focus is on 1.3913, Sep 14 high and a key resistance. A firm S/T support is at 1.3707, the 20-day EMA.