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Hits Reverse Off Weekly Highs

GBPUSD TECHS
  • RES 4: 1.1783 High Aug 29
  • RES 3: 1.1738 High Sep 13 and a key resistance
  • RES 2: 1.1572 50-day EMA
  • RES 1: 1.1489 High Oct 4
  • PRICE: 1.1448 @ 15:15 BST Oct 5
  • SUP 1: 1.1287/1025 20-day EMA / Low Sep 30
  • SUP 2: 1.0763 Low Sep 29
  • SUP 3: 1.0541/0350 Low Sep 28 / All Time Low
  • SUP 4: 1.0203 3.236 proj of the Jun 16 - Jul 14 - Aug 1 price swing

GBPUSD faded through the London close Wednesday, reversing the entirety of the Tuesday move higher. This works against the week’s bullish tone, but still keeps prices comfortably off the recent multi-decade low at 1.0350, Sep 26 low. The pair has cleared resistance at the 20-day EMA and this signals scope for a continuation higher near-term. Potential is seen for a climb towards the 50-day EMA at 1.1572 - a key resistance. Initial firm support is seen at 1.1025, the Sep 30 low.

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