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Support Creaking

GBPUSD TECHS
  • RES 4: 1.3958 High Aug 4, 2021
  • RES 3: 1.3913 High Sep 14, 2021
  • RES 2: 1.3835 High Oct 20 and key resistance
  • RES 1: 1.3734/49 200-dma / High Jan 13
  • PRICE: 1.3559 @ 17:14 GMT Jan 21
  • SUP 1: 1.3546 Low Jan 21
  • SUP 2: 1.3504 50-day EMA
  • SUP 3: 1.3409 Low Dec 29
  • SUP 4: 1.3343 Low Dec 23

GBPUSD traded through first support at 1.3558 on Friday, opening the door to further losses and putting the previously bullish outlook at risk. For now, trend conditions are bullish and the recent pullback is considered corrective. MA conditions remain in a bull mode and the recent breach of 1.3676, 76.4% of the Oct - Dec downleg reinforced a positive theme. The 200-dma at 1.3734 has recently provided resistance. A break would open 1.3835, Oct 20 high. Key S/T shifts lower to 1.3504.

MNI London Bureau | +44 203-865-3809 | edward.hardy@marketnews.com

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