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Corrective Pullback

GBPUSD TECHS
  • RES 4: 1.2599 High Jun 7
  • RES 3: 1.2558 High Jub 9, 2022
  • RES 2: 1.2506 1.382 proj of the Sep 26 - Oct 5 - Oct 12 price swing
  • RES 1: 1.2401/2448 High Feb 2 / High Jan 23 and the bull trigger
  • PRICE: 1.2212 @ 05:56 GMT Feb 3
  • SUP 1: 1.2203 Intraday low
  • SUP 2: 1.2146 50-day EMA
  • SUP 3: 1.2089 Low Jan 12
  • SUP 4: 1.2000 Round number support

GBPUSD traded lower Thursday as price extends the gap with recent highs. The move lower is considered corrective. Support to watch lies at 1.2146, the 50-day EMA. A break of this level would strengthen a bearish theme and allow for a deeper corrective pullback. For now, the 4-month uptrend is intact - moving average studies are in a bull-mode position and this reflects bullish market sentiment. The bull trigger is 1.2448, the Jan 23 high.

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