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Gains Considered Corrective

GBPUSD TECHS
  • RES 4: 1.3835 High Oct 20 and key resistance
  • RES 3: 1.3719/49 200-dma / High Jan 13
  • RES 2: 1.3662 High Jan 20
  • RES 1: 1.3525 High Jan 26
  • PRICE: 1.3494 @ 17:42 GMT Feb 1
  • SUP 1: 1.3358/43 Low Jan 27 / Low Dec 23
  • SUP 2: 1.3301 76.4% retracement of the Dec 8 - Jan 13 bull phase
  • SUP 3: 1.3234 2.0% 10-dma envelope
  • SUP 4: 1.3163 Low Dec 8 and a key support

GBPUSD continues to trade above its recent lows. A bearish threat remains present following the recent strong reversal off 1.3749, the Jan 13 high. The pair continues to trade below the 20- and 50-day EMAs and has recently cleared a number of retracement levels, highlighting a bearish theme. The focus is on 1.3343, Dec 23 low and 1.3301, a Fibonacci retracement. Initial firm resistance is seen at 1.3525, Jan 26 high.

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