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Extends Rally Off Friday's Low

GBPUSD TECHS
  • RES 4: 1.3618 High May 10, 2018
  • RES 3: 1.3539 High Dec 4 and the bull trigger
  • RES 2: 1.3503 1.0% 10-dma envelope
  • RES 1: 1.3478 High Dec 9
  • PRICE: 1.3463 @ 06:02 GMT Dec 16
  • SUP 1: 1.3265 Low Dec 14
  • SUP 2: 1.3135 Low Dec 11
  • SUP 3: 1.3106 Low Low Nov 12
  • SUP 4: 1.3006 61.8% retracement of the Sep 23 - Dec 4 rally

GBPUSD remains volatile but traded higher Tuesday extending the climb off Friday's low of 1.3135, Dec 11 low. The extent of recent gains suggests the pullback between Dec 4 - 11, a correction, has potentially run its course. If correct, this would signal scope for a retest and break of key resistance at 1.3539, Dec 4 high. On the downside, weakness below 1.3135 reinstates a bearish theme.

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