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Short-Term Trend Structure Remains Bullish

GBPUSD TECHS
  • RES 4: 1.2506 High Sep 14
  • RES 3: 1.2459 38.2% retracement of the Jul 13 - Oct 4 bear leg
  • RES 2: 1.2435 200-dma
  • RES 1: 1.2428 High Nov 6
  • PRICE: 1.2271 @ 15:38 GMT Nov 8
  • SUP 1: 1.2242 Low Nov 8
  • SUP 2: 1.2225/1.2070 20-day EMA / Low Oct 26
  • SUP 3: 1.2037/28 Low Oct 04 and bear trigger / Low Mar 16
  • SUP 4: 1.2011 Low Mar 15 and a key support

Recent gains in GBPUSD resulted in a break of resistance at 1.2289, the Oct 24 high as well as key resistance at 1.2337, the Oct 11 high. These gains strengthen the bullish case and signal scope for a stronger short-term bull cycle. Sights are on the 200-dma at 1.2435 and 1.2459, a Fibonacci retracement. On the downside, support to watch lies at 1.2225, the 20-day EMA. This week’s pullback appears to be a correction.

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