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Fresh Trend High

GBPUSD TECHS
  • RES 4: 1.2667 High May 27
  • RES 3: 1.2599 High Jun 7
  • RES 2: 1.2506 1.382 proj of the Sep 26 - Oct 5 - Oct 12 price swing
  • RES 1: 1.2444 High Dec 13
  • PRICE: 1.2401 @ 15:48 GMT Dec 14
  • SUP 1: 1.2209/2107 Low Dec 9 and 12 / Low Dec 7
  • SUP 2: 1.2079 20-day EMA
  • SUP 3: 1.1901 Low Nov 30 and a key short-term support
  • SUP 4: 1.1837 50-day EMA

Trend conditions in GBPUSD remain bullish and Tuesday’s rally reinforced this theme. The pair cleared resistance at 1.2345, the Dec 5 high and a bull trigger. This confirms a resumption of the uptrend and maintains the bullish price sequence of higher highs and higher lows. The focus is on a climb towards 1.2506, a Fibonacci projection. On the downside, key short term trend support has been defined at 1.2107, the Dec 7 low.

MNI London Bureau | +44 203-865-3809 | edward.hardy@marketnews.com

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