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Pullback Confirmed as Corrective

GBPUSD TECHS
  • RES 4: 1.3983 High Jul 30
  • RES 3: 1.3958 High Aug 4
  • RES 2: 1.3913 High Sep 14 and a key resistance
  • RES 1: 1.3835 High Oct 20
  • PRICE: 1.3804 @ 16:18 BST Oct 28
  • SUP 1: 1.3710 Low Oct 27
  • SUP 2: 1.3655 Low Oct 14
  • SUP 3: 1.3544 Low Oct 6
  • SUP 4: 1.3485/12 2.0% 10-dma env / Low Sep 29 and bear trigger

GBPUSD turned back toward recent highs into the Thursday close, with the pair topping the 1.38 handle. The recent breach of the 50-day EMA and last week's extension signals scope for further gains. Price has traded above 1.3795, 76.4% of the Sep 14 -29 downleg and attention is on key resistance at 1.3913, Sep 14 high. 1.3710 is the initial support, Wednesday's low.

MNI London Bureau | +44 203-865-3809 | edward.hardy@marketnews.com
Foreign Exchange Technical AnalysisHomepagemarkets-real-timeBulletMarketsForeign Exchange Bullets
MNI London Bureau | +44 203-865-3809 | edward.hardy@marketnews.com
Foreign Exchange Technical AnalysisHomepagemarkets-real-timeBulletMarketsForeign Exchange Bullets

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