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Eyeing 1.40

GBPUSD TECHS
  • RES 4: 1.4082 1.00 proj of May - Sep 2020 rally from Sep 23 low
  • RES 3: 1.4031 High Apr 23, 2018
  • RES 2: 1.3998 High Apr 26, 2018
  • RES 1: 1.3986 High Feb 18
  • PRICE: 1.3955 @ 16:27 GMT Feb 18
  • SUP 1: 1.3830 Low Feb 17
  • SUP 2: 1.3776 Low Feb and Key near-term support
  • SUP 3: 1.3737 Low Feb 9
  • SUP 4: 1.3636 50-day EMA

GBPUSD topped the Tuesday high of 1.3952 on Thursday, taking out key resistance on the move higher. Dips are considered corrective with the pair maintaining a bullish tone following the recent resumption of the uptrend. Moving average studies are in a bull mode too and this reinforces current conditions. The focus is on 1.3998 next, Apr 26, 2018 high. On the downside, firm near-term support lies at 1.3776, Feb 12 low. A break would dent the current sentiment.

MNI London Bureau | +44 203-865-3809 | edward.hardy@marketnews.com

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