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Key Resistance Remains Exposed

GBPUSD TECHS
  • RES 4: 1.1738 High Sep 13 and a key resistance
  • RES 3: 1.1590 High Sep 14
  • RES 2: 1.1447/1495 50-day EMA / High Oct 5 and the bull trigger
  • RES 1: 1.1439 High Oct 17
  • PRICE: 1.1327 @ 05:56 BST Oct 19
  • SUP 1: 1.1148/1058 Low Oct 17 / 13
  • SUP 2: 1.0924/22 Low Oct 12 / 50.0% of Sep 26 - Oct 5 bull cycle
  • SUP 3: 1.0787 61.8% retracement of Sep 26 - Oct 5 bull cycle
  • SUP 4: 1.0541/0350 Low Sep 28 / All Time Low

GBPUSD maintains a short-term bullish tone and is trading closer to its recent highs. Key short-term support has been defined at 1.0924, the Oct 12 low. A continuation higher would signal scope for a test and possible breach of 1.1495, the Oct 5 high and bull trigger. Clearance of this level would strengthen bullish conditions. On the downside, a break of 1.0924 would reinstate a bearish theme.

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