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Maintains This Week’s Bullish Theme

GBPUSD TECHS
  • RES 4: 1.3835 High Oct 20 and key resistance
  • RES 3: 1.3715/49 200-dma / High Jan 13
  • RES 2: 1.3662 High Jan 20
  • RES 1: 1.3587 High Feb 02
  • PRICE: 1.3551 @ 05:18 GMT Feb 3
  • SUP 1: 1.3435 Low Feb 1
  • SUP 2: 1.3358/43 Low Jan 27 / Low Dec 23
  • SUP 3: 1.3301 76.4% retracement of the Dec 8 - Jan 13 bull phase
  • SUP 4: 1.3224 2.0% 10-dma envelope

GBPUSD traded higher again Wednesday as the pair extended the recovery from its recent low of 1.3358 on Jan 27 and has topped resistance at 1.3525, Jan 26 high. A resumption of strength would suggest scope for a climb towards 1.3662 next, the Jan 20 high. On the downside, a reversal lower would instead again refocus attention on key short-term support at 1.3358, Jan 27 low. This is the trigger for a resumption of bearish pressure.

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