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Dovish (Re)positioning Pre-ECB


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Pullback Considered Corrective

  • RES 4: 1.2667 High May 27
  • RES 3: 1.2599 High Jun 7
  • RES 2: 1.2506 1.382 proj of the Sep 26 - Oct 5 - Oct 12 price swing
  • RES 1: 1.2345/2406 High Dec 5 / High Jun 16
  • PRICE: 1.2228 @ 15:45 GMT Dec 8
  • SUP 1: 1.2054 Low Dec 1
  • SUP 2: 1.1977 20-day EMA
  • SUP 3: 1.1901 Low Nov 30 and a key short-term support
  • SUP 4: 1.1759 50-day EMA

Trend conditions in GBPUSD remain bullish and the latest pullback appears to be a correction. Last week’s trend highs reinforced the uptrend. The pair has also cleared the 200-dma and maintains a bullish price sequence of higher highs and higher lows. Note that moving averages studies remain in a bull-mode position. A resumption of gains would open 1.2406, the Jun 16 high. Key short-term support is seen at 1.1901, the Nov 30 low.

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