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Support Lies At The 20-Day EMA

  • RES 4: 122.93 High Aug 1 and a key resistance
  • RES 3: 1.2276 High Aug 10
  • RES 2: 1.2177 200-dma
  • RES 1: 1.2154 High Nov 24
  • PRICE: 1.1946 @ 20:04 GMT Nov 29
  • SUP 1: 1.1873 Low Nov 23
  • SUP 2: 1.1789 20-day EMA
  • SUP 3: 1.1631 50-day EMA
  • SUP 4: 1.1500 Round number support

Trend conditions in GBPUSD remain bullish. Last week’s gains confirmed an extension of the positive price sequence of higher highs and higher lows and note that moving average studies are in a bull-mode position, highlighting current market sentiment. Sights are on 1.2177 next, the 200-dma. Key short-term support to watch is 1.1789, the 20-day EMA. Monday’s pullback is considered corrective, however, a break of 1.1771 would concern bulls.

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