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Retracement Mode Extends

GBPUSD TECHS
  • RES 4: 1.4001 High Jun 23
  • RES 3: 1.3983/90 High Jul 30 / 61.8% of the Jun 1 - Jul 20 sell-off
  • RES 2: 1.3958 High Aug 4
  • RES 1: 1.3823/92 50-day EMA / High Sep 3 and the bull trigger
  • PRICE: 1.3756 @ 06:06 BST Sep 9
  • SUP 1: 1.3727 Low Sep 8
  • SUP 2: 1.3680 Low Aug 27 and key near-term support
  • SUP 3: 1.3602 Low Aug 20
  • SUP 4: 1.3572 Low Jul 20 and the bear trigger

GBPUSD traded lower again Wednesday as this week's retracement extends. A bullish theme however remains in place. Last week's gains confirmed a resumption of the bull cycle that started Aug 20 extends and has opened 1.3958 next, Aug 4 high ahead of a key resistance at 1.3983, Jul 30 high. On the downside, with price lower, initial key support to watch lies at 1.3680, Aug 27 low. A break would be bearish pressure and open 1.3602.

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