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Brent highest since March


Corrective Cycle Still In Play


(N2) Clears Resistance


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Eyeing Key Near-Term Resistance

  • RES 4: 1.3698 High Nov 4
  • RES 3: 1.3607 High Nov 9
  • RES 2: 1.3514 High Nov 18 and a key resistance
  • RES 1: 1.3366/70 20-day EMA / High Nov 30
  • PRICE: 1.3255 @ 06:21 GMT Dec 8
  • SUP 1: 1.3195 Low Nov 30 and the bear trigger
  • SUP 2: 1.3188 Low Dec 21 2020
  • SUP 3: 1.3165 38.2% Mar ‘20 - Jun ‘21 Upleg
  • SUP 4: 1.3027 2.0% 10-dma envelope

GBPUSD is consolidating. The pair remains weak and attention is on 1.3195, Nov 30 low. This level represents an important short-term support and bear trigger following the volatile nature of price action early last week. A break lower would resume the downtrend and pave the way for weakness towards 1.3165, a retracement level. Resistance is seen at 1.3366, the 20-day EMA. A break would signal a potential short-term base.

MNI London Bureau | +44 203-586-3805 |
MNI London Bureau | +44 203-586-3805 |

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