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Eyeing Resistance

GBPUSD TECHS
  • RES 4: 1.3607 High Nov 9
  • RES 3: 1.3514 High Nov 18 and a key resistance
  • RES 2: 1.3414 50-day EMA
  • RES 1: 1.3374 High Dec 16
  • PRICE: 1.3353 @ 06:10 GMT Dec 23
  • SUP 1: 1.3240/3163 Low Dec 22 / Low Dec 08 and the bear trigger
  • SUP 2: 1.3135 Low Dec 11 2020
  • SUP 3: 1.3127 1.0% 10-dma envelope
  • SUP 4: 1.3084 1.50 proj of the Sep 14 - 29 - Oct 20 price swing

GBPUSD remains vulnerable but the rally Wednesday has eased recent bearish pressure. Key near-term resistance is at 1.3374, the Dec 16 high. A break of this hurdle would suggest scope for a stronger bounce towards the 50-day EMA at 1.3414. On the downside, a return lower would instead signal a resumption of the recent bearish threat and attention would turn to support at 1.3163, the Dec 8 low and bear trigger.

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