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Short-Term Uptrend Remains Intact

GBPUSD TECHS
  • RES 4: 1.1834 76.4% Fib retracement for the Aug - Sep downleg
  • RES 3: 1.1799 0.764 proj of the Sep 26 - Oct 5 - 12 price swing
  • RES 2: 1.1738/87 High Sep 13 / 3.0% 10-dma envelope
  • RES 1: 1.1566/1645 High Oct 27 / High Nov 1
  • PRICE: 1.1410 @ 05:59 GMT Nov 3
  • SUP 1: 1.1375 Intraday low
  • SUP 2: 1.1272 Low Oct 25
  • SUP 3: 1.1061 Low Oct 21
  • SUP 4: 1.0924 Low Oct 12 and a key support

Recent price action in GBPUSD appears to be a bull flag formation - a bullish pattern that reinforces the current uptrend. Last week's gains resulted in a break of resistance at 1.1495, the Oct 5 high. The move confirms an extension of the reversal from 1.0350, Sep 26 low and highlights a bullish price sequence on the daily chart. A resumption of gains would open 1.1738 next, the Sep 13 high. Support to watch is at 1.1272, the Oct 25 low.

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