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Key Resistance Remains Exposed

  • RES 4: 1.1738 High Sep 13 and a key resistance
  • RES 3: 1.1590 High Sep 14
  • RES 2: 1.1495 High Oct 5 and the bull trigger
  • RES 1: 1.1425 50-day EMA
  • PRICE: 1.1344 @ 06:27 BST Oct 24
  • SUP 1: 1.1061/1058 Low Oct 21 / 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

Short-term conditions in GBPUSD remain bullish and the bounce from Friday’s low reinforces this. An extension higher would signal scope for a test of 1.1495, the Oct 5 high and the bull trigger. A break of this level would strengthen bullish conditions plus highlight scope for a stronger reversal. On the downside, key near-term support is unchanged at 1.0924, the Oct 12 low. Clearance of this level would instead reinstate a bearish theme.

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