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Through Key Support

GBPUSD TECHS
  • RES 4: 1.2599 High Jun 7
  • RES 3: 1.2506 1.382 proj of the Sep 26 - Oct 5 - Oct 12 price swing
  • RES 2: 1.2242/2446 High Dec 19 / 14 and the bull trigger
  • RES 1: 1.2148 High Dec 22
  • PRICE: 1.1881 @ 15:56 GMT Jan 5
  • SUP 1: 1.1874 Intraday Low
  • SUP 2: 1.1784 1.0% 10-dma envelope
  • SUP 3: 1.1779 Low Nov 21
  • SUP 4: 1.1645 38.2% retracement of the Sep - Dec rally

GBPUSD traded lower still Thursday, with an impulsive sell-off taking out support at the Nov 30 low at 1.1901. Price action highlights the end of a recent period of consolidation, and keeps the short-term outlook bearish. Wednesday’s brief recovery waned, resuming the downtrend after a sharp sell-off on Dec 15 and the subsequent follow through. On the upside, key short-term resistance has been defined at 1.2446, the Dec 14 high. Initial resistance is at 1.2148, the Dec 22 high.

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

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