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Probes Key Resistance

GBPUSD TECHS
  • RES 4: 1.3773 High May 1, 2018
  • RES 3: 1.3677 76.4% retracement of the 2017 - 2020 downtrend
  • RES 2: 1.3618 High May 10, 2018
  • RES 1: 1.3554 High Dec 16
  • PRICE: 1.3459 @ 19:29 GMT Dec 16
  • SUP 1: 1.3265 Low Dec 14
  • SUP 2: 1.3135 Low Dec 11
  • SUP 3: 1.3106 Low Low Nov 12
  • SUP 4: 1.3006 61.8% retracement of the Sep 23 - Dec 4 rally

GBPUSD traded higher again Wednesday to extend the climb off Friday's low of 1.3135, Dec 11 low. This resulted in a probe of resistance at 1.3539, Dec 4 high. This confirms the end of the corrective phase between Dec 4 - 11. An extension higher would set the scene for a climb towards 1.3618, May 10 high, 2018. On the downside, key support lies at 1.3135, Dec 11 low. Initial support lies at 1.3323, the 20-day EMA.

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