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MNI: GBPUSD: In Consolidation Mode *RES 4: 1.3215....>

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MNI: GBPUSD: In Consolidation Mode
*RES 4: 1.3215 High Feb 3 and key resistance
*RES 3: 1.3129 76.4% retracement of the Feb 3 - Feb 20 decline
*RES 2: 1.3070/75 High Feb 13 / 61.8% of the Feb 3 - Feb 20 decline
*RES 1: 1.3032/70 50-dma / High Feb 5 and 13
*PRICE: 1.2931 @ 05:51 GMT Feb 27
*SUP 1: 1.2849 Low Feb 20 and key support
*SUP 2: 1.2840 1.0% 10-dma envelope
*SUP 3: 1.2824 Low Nov 22
*SUP 4: 1.2769 Low Nov 8
GBPUSD is consolidating. The recovery off last Thursday's low though remains
encouraging for bulls, although stronger gains are still required to strengthen
a bullish argument. The focus is on 1.3070, Feb 13 high. A break of this level
would be positive and signal scope for an extension towards 1.3215, Feb 3 high
and also a key resistance. While 1.3070 remains intact, a bearish threat remains
in place. Sub 1.2849 levels would resume the downtrend.

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