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Recovers From Its Recent Low

  • RES 4: 1.3835 High Oct 20 and key resistance
  • RES 3: 1.3717/49 200-dma / High Jan 13
  • RES 2: 1.3662 High Jan 20
  • RES 1: 1.3566 High Jan 24
  • PRICE: 1.3525 @ 06:19 GMT Feb 2
  • SUP 1: 1.3358/43 Low Jan 27 / Low Dec 23
  • SUP 2: 1.3301 76.4% retracement of the Dec 8 - Jan 13 bull phase
  • SUP 3: 1.3227 2.0% 10-dma envelope
  • SUP 4: 1.3163 Low Dec 8 and a key support

GBPUSD has recovered from its recent low of 1.3358 on Jan 27 and has probed resistance at 1.3525, Jan 26 high. A continuation higher would suggest scope for a climb towards 1.3662 next, the Jan 20 high. On the downside, 1.3358 has been defined as a key short-term support where a break would confirm a resumption of recent bearish pressure and open 1.3343, Dec 23 low and 1.3301, a Fibonacci retracement.

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