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Tilting Higher

GBPUSD TECHS
  • RES 4: 1.3983/90 High Jul 30 / 61.8% of the Jun 1 - Jul 20 sell-off
  • RES 3: 1.3916 High Aug 9
  • RES 2: 1.3836 High Sep 2
  • RES 1: 1.3824 50-day EMA
  • PRICE: 1.3823 @ 16:39 BST Sep 2
  • SUP 1: 1.3680/02 Low Aug 27 / Low Aug 20
  • SUP 2: 1.3572 Low Jul 20 and the bear trigger
  • SUP 3: 1.3520 Low Jan 18
  • SUP 4: 1.3452 Low, Jan 11

GBPUSD traded higher into the close, showing above the 50-day EMA to tilt the outlook more positive. This puts the pair through Tuesday's resistance of 1.3808 to open 1.3916, the early August high. Despite recent gains, a bearish theme still dominates following the sell-off between Jul 30 and Aug 20. A stronger sell-off would reinforce the bearish theme. Initial support to watch is 1.3680, Aug 27 low.

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