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Needle Still Points North

GBPUSD TECHS
  • RES 4: 1.3983 High Jul 30
  • RES 3: 1.3913 High Sep 14 and a key resistance
  • RES 2: 1.3854 High Sep 15
  • RES 1: 1.3795 76.4% retracement of the Sep 14 -29 downleg
  • PRICE: 1.3773 @ 06:21 BST Oct 19
  • SUP 1: 1.3657 20-day EMA
  • SUP 2: 1.3544/3412 Low Oct 6 / Low Sep 29 and the bear trigger
  • SUP 3: 1.3371 2.0% 10-dma envelope
  • SUP 4: 1.3354 Low Dec 23, 2020

GBPUSD is firmer today and the rally that started late September remains intact. The pair is trading above the 50-day EMA and this suggests scope for an extension to 1.3795 next, a Fibonacci retracement. A breach of this level would open 1.3913, the Sep 14 high. On the downside, a firm short-term support has been defined at 1.3544, Oct 6 low. A break would reinstate a bearish focus and open 1.3412, Sep 29 low and the bear trigger.

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