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Remains Below Last Week’s High

GBPUSD TECHS
  • RES 4: 1.2224 200-dma
  • RES 3: 1.2143/94 High Aug 17 / 4.0% 10-dma envelope
  • RES 2: 1.2080 High Aug 18
  • RES 1: 1.2028 High Nov 15 and the bull trigger
  • PRICE: 1.1831 @ 06:00 GMT Nov 21
  • SUP 1: 1.1764/1617 Low Nov 17 / 20-day EMA
  • SUP 2: 1.1533 50-day EMA
  • SUP 3: 1.1334/1150 Low Nov 09 / Nov 04 and a bear trigger
  • SUP 4: 1.1061 Low Oct 21

GBPUSD is consolidating just below last week’s high of 1.2028, the Nov 15 high. The trend condition remains bullish but short-term signals highlight an overbought condition. Last week’s gains resulted in a print above the upper band of the 3.0% 10-dma envelope, before pulling back. A deeper retracement would be considered corrective. 1.2028 is the trigger for a resumption of gains. Firm support is at 1.1533, the 50-day EMA.

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