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Eyeing The Bull Trigger

GBPUSD TECHS
  • RES 4: 1.3357 High Sep 3
  • RES 3: 1.3331 1.0% 10-dma envelope
  • RES 2: 1.3319 High Sep 4
  • RES 1: 1.3312 High Nov 11 and 18 high and the bull trigger
  • PRICE: 1.3246@ 10:59 GMT Nov 19
  • SUP 1: 1.3162 Low Nov 16
  • SUP 2: 1.3106 Low Nov 12 and key near-term support
  • SUP 3: 1.3093 Low Nov 6
  • SUP 4: 1.3040 50-day EMA

GBPUSD maintains a bullish tone and traded firmer Wednesday touching resistance at 1.3312. The move higher since Nov 2 saw the pair breach a former key resistance at 1.3177, Oct 21 and Nov 6 high. This extends the recovery that started Sep 23 and maintains the current bullish price sequence of higher highs and higher lows. A clear breach of 1.3312 would open 1.3357, Sep 3 high. On the downside, firm S/T support lies at 1.3106, Nov 12 low.

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