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Hits New Multi-Year High

GBPUSD TECHS
  • RES 4: 1.3804 High Apr 30, 2018
  • RES 3: 1.3773 High May 1, 2018
  • RES 2: 1.3750 0.764 proj of May 18 - Sep 1 rally from Sep 23 low
  • RES 1: 1.3718 High Jan 20
  • PRICE: 1.3653 @ 16:43 GMT Jan 20
  • SUP 1: 1.3520 Low Jan 18
  • SUP 2: 1.3505 Low Jan 12
  • SUP 3: 1.3452 Low Jan 11 and key near-term support
  • SUP 4: 1.3430 Low Dec 28

GBPUSD has recovered from Monday's low of 1.3520 to hit a new multi-year high at 1.3718. From a trend perspective, the outlook remains bullish. Wednesday's rally maintains the bullish price sequence of higher highs and higher lows, opening 1.3773, the May 1 2018 high. To the downside, near-term support at 1.3505, Jan 12 low remains intact. A breach signals scope for a deeper short-term sell-off and expose a key support at 1.3452, Jan 11 low.

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