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Support Remains Intact - For Now

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: 1.2278 @ 06:09 GMT Nov 9
  • 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

Despite this week’s move lower, a short-term bull cycle in GBPUSD remains in play. Recently, resistance at 1.2289 and 1.2337, the Oct 24 and Oct 11 highs, have been breached. This strengthens the bullish case and signals scope for gains near-term. Sights are on the 200-dma at 1.2435 and 1.2459, a Fibonacci retracement. On the downside, support to watch lies at 1.2231, the 20-day EMA.

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