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Off Highs, But Still Bullish

GBPUSD TECHS
  • RES 4: 1.2720 61.8% retracement of the Jul 14 - Oct 4 bear leg
  • RES 3: 1.2633 2.0% 10-dma envelope
  • RES 2: 1.2589 50.0% retracement of the Jul 14 - Oct 4 bear leg
  • RES 1: 1.2559 High Nov 21
  • PRICE: 1.2456 @ 16:12 GMT Nov 22
  • SUP 1: 1.2374/2335 Low Nov 17 / 50-day EMA
  • SUP 2: 1.2266 Low Nov 14
  • SUP 3: 1.2187 Low Nov 10 and key short-term support
  • SUP 4: 1.2138 Low Nov 2

GBPUSD traded higher Tuesday to reinforce current bullish conditions. The fade Wednesday put prices off highs, and through the Tuesday low, but the outlook remains bullish for now. Resistance at 1.2506, the Nov 14 high has been cleared. The break confirms a resumption of the uptrend and maintains a price sequence of higher highs and higher lows. Sights are on 1.2589, 50.0% of the Jul 14 - Oct 4 bear leg. On the downside, initial support to watch has been defined at 1.2374, the Nov 17 low.

MNI London Bureau | +44 203-865-3809 | edward.hardy@marketnews.com

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