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Northbound

GBPUSD TECHS
  • RES 4: 1.2881 76.4% retracement of the Jul 14 - Oct 4 bear leg
  • RES 3: 1.2800 High Aug 22
  • RES 2: 1.2779 2.0% 10-dma envelope
  • RES 1: 1.2733 Intraday high
  • PRICE: 1.2711 @ 06:17 GMT Nov 29
  • SUP 1: 1.2591/2445 High Nov 14 / 20-day EMA
  • SUP 2: 1.2382 50-day EMA
  • SUP 3: 1.2266 Low Nov 14
  • SUP 4: 1.2187 Low Nov 10 and key short-term support

The trend direction in GBPUSD remains up and this week’s climb reinforces current conditions. The extension maintains the current positive price sequence of higher highs and higher lows and price has breached 1.2720, 61.8% of the Jul 14 - Oct 4 bear leg. This opens 1.2779, a vol band resistance and 1.2800, the Aug 22 high. On the downside, initial firm support to watch at 1.2445, the 20-day EMA.

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