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Directional Parameters Still Intact

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: 1.2827 High Dec 28 and the bull trigger
  • RES 1: 1.2775 High Jan 24
  • PRICE: 1.2746 @ 19:37 GMT Feb 1
  • SUP 1: 1.2625/2597 Low Feb 1 and key S/T support
  • SUP 2: 1.2525 38.2% retracement of the Oct 4 - Dec 28 bull phase
  • SUP 3: 1.2500 Low Dec 13
  • SUP 4: 1.2432 50.0% retracement of the Oct 4 - Dec 28 bull phase

Key resistance in GBPUSD is unchanged at 1.2827, the Dec 28 high, and key support lies at 1.2597, the Jan 17 low. Both price points represent important directional triggers. Clearance of 1.2827 would resume the uptrend and open 1.2881, a Fibonacci retracement. For bears, a breach of 1.2597 would highlight a short-term reversal and signal scope for weakness towards the 1.2500 handle, the Dec 13 low.

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