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Corrective Pullback

  • RES 4: 1.3174 61.8% retracement of the Sep 1 - 23 sell-off
  • RES 3: 1.3128 Former trendline support drawn off the Mar 20 low
  • RES 2: 1.3079 50.0% retracement of the Sep 1 - 23 sell-off
  • RES 1: 1.3060 Intraday high
  • PRICE: 1.3014 @ 10:33 BST Oct 12
  • SUP 1: 1.2926 20- day and 50-day EMA
  • SUP 2: 1.2846 Low Oct 7
  • SUP 3: 1.2806 Low Sep 30 and key near-term support
  • SUP 4: 1.2745 Low Sep 28

GBPUSD is lower this morning but maintains a bullish tone. The pair cleared key resistance at 1.3007 Friday, negating recent bearish signals and confirming a resumption of the current bullish cycle. This has opened 1.3079 ahead of 1.3128. The former is a Fibonacci retracement and the latter, the former trendline support drawn off the Mar 20 low. To re-engage with any bearish themes, Cable needs to break 1.2846, Oct 7 low.

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