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In A Short-Term Range

GBPUSD TECHS
  • RES 4: 1.3835 High Oct 20 and key resistance
  • RES 3: 1.3703/49 200-dma / High Jan 13
  • RES 2: 1.3662 High Jan 20
  • RES 1: 1.3644 High Feb 10
  • PRICE: 1.3541 @ 06:15 GMT Feb 14
  • SUP 1: 1.3491 Low Feb 7
  • SUP 2: 1.3435 Low Feb 1
  • SUP 3: 1.3358 Low Jan 27 and the bear trigger
  • SUP 4: 1.3301 76.4% retracement of the Dec 8 - Jan 13 bull phase

GBPUSD is trading inside its recent range and above support at 1.3491, Feb 7 low. The outlook remains bullish following recent gains from 1.3358, Jan 27 low and scope is seen for a test of 1.3662 next, Jan 20 high. On the downside, a breach of 1.3491, Feb 7 low would threaten the current bull theme and expose key support at 1.3358, Jan 27 low. This is the trigger for a resumption of bearish pressure.

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