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Fails To Hold Above 1.3400

GBPUSD TECHS
  • RES 4: 1.3547 1.382 proj of Sep 23 - Oct 21 rally from Nov 2 low
  • RES 3: 1.3514 High Dec 13 and a key resistance
  • RES 2: 1.3482 High Sep 1 and the bull trigger
  • RES 1: 1.3441 High Dec 1
  • PRICE: 1.3350 @ 17:06 GMT Dec 2
  • SUP 1: 1.3289/88 Low Nov 27/Dec 2
  • SUP 2: 1.3254 20-day EMA
  • SUP 3: 1.3196 Low Nov 19 and key near-term support
  • SUP 4: 1.3130 50-day EMA

GBPUSD was unable to hold above 1.3400 Wednesday. The break above recent highs, however, confirms a resumption of the current uptrend and opens 1.3482, Sep 1 high. A break would confirm a resumption of the broader uptrend that started in March. Note, on monthly charts, a multi-year trendline resistance drawn off the Nov 2007 high intersects at 1.3372 . A convincing break would point to a reversal. Support is at 1.3289.

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