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Falters Into Tuesday Close

GBPUSD TECHS
  • RES 4: 1.2599 High Jun 7
  • RES 3: 1.2558 High Jub 9, 2022
  • RES 2: 1.2506 1.382 proj of the Sep 26 - Oct 5 - Oct 12 price swing
  • RES 1: 1.2448 High Jan 23
  • PRICE: 1.2291 @ 15:34 GMT Jan 24
  • SUP 1: 1.2264 Low Jan 24
  • SUP 2: 1.2215/2083 20-day EMA / Low Jan 9
  • SUP 3: 1.2071 50-day EMA
  • SUP 4: 1.1842 Low Jan 6 and the bear trigger

GBPUSD worked against the previous bullish conditions in the pair Tuesday, with prices taking out nearby resistance to test the Jan18 low at 1.2255. Despite Tuesday’s price action, the pair pierced resistance at 1.2446 on Monday, the Dec 14 high. The move higher reinforces bullish conditions and a clear break of 1.2446 would confirm a resumption of the uptrend that started late September 2022. This would open 1.2506, a Fibonacci projection. On the downside, initial firm support to watch is seen at 1.2215, the 20-day EMA.

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