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Probes The 50-Day EMA

GBPUSD TECHS
  • RES 4: 1.3698 High Nov 4
  • RES 3: 1.3607 High Nov 9
  • RES 2: 1.3514 High Nov 18 and a key resistance
  • RES 1: 1.3438 High Dec 23
  • PRICE: 1.3413 @ 19:27 GMT Dec 23
  • SUP 1: 1.3297 Low Dec 22
  • SUP 2: 1.3240/3163 Low Dec 22 / Low Dec 08 and the bear trigger
  • SUP 3: 1.3135 Low Dec 11 2020
  • SUP 4: 1.3127 1.0% 10-dma envelope

GBPUSD traded higher Thursday. The rally Wednesday eased recent bearish pressure and yesterday’s break of resistance at 1.3374, the Dec 16 high, suggests potential for an extension higher. The focus is on the 50-day EMA at 1.3414 that has been probed. A clear break would open 1.3514, the Nov 18 high. A return lower would signal a resumption of the recent bearish trend and attention would turn to support at 1.3163, Dec 8 low.

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