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Pullback Extends

GBPUSD TECHS
  • RES 4: 1.2599 High Jun 7
  • RES 3: 1.2558 High Jub 9, 2022
  • RES 2: 1.2506 1.382 proj of the Sep 26 - Oct 5 - Oct 12 price swing
  • RES 1: 1.2401/2448 High Feb 2 / High Jan 23 and the bull trigger
  • PRICE: 1.2108 @ 16:12 GMT Feb 3
  • SUP 1: 1.2063 Low Feb 3
  • SUP 2: 1.2000 Round number support
  • SUP 3: 1.1997 3.0% Lower Bollinger Band
  • SUP 4: 1.1959 3.0% 10-dma envelope

GBPUSD traded lower again into the Friday close as price extends the gap with recent highs. The move lower is considered corrective for now, although the outlook has deteriorated with the break below 1.2146, the 50-day EMA. A close here would strengthen a bearish theme and allow for a deeper corrective pullback. For now, the 4-month uptrend is intact - moving average studies are in a bull-mode position and this reflects bullish market sentiment. The bull trigger is 1.2448, the Jan 23 high.

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