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Tops 100-dma

GBPUSD TECHS
  • RES 4: 1.3676/3724 61.8% of Oct - Dec sell-off / 2.0% 10-dma env
  • RES 3: 1.3607 High Nov 9
  • RES 2: 1.3578 61.8% of the Oct - Dec sell-off
  • RES 1: 1.3573 High Jan 05
  • PRICE: 1.3571 @ 16:41 GMT Jan 5
  • SUP 1: 1.3431 Low Jan 3
  • SUP 2: 1.3404 20-day EMA
  • SUP 3: 1.3343 Low Dec 23
  • SUP 4: 1.3240 Low Dec 22

GBPUSD traded higher again Wednesday, cementing the move north of the 100-dma at 1.3558. This firms the bullish outlook, with the focus on 1.3578 next, a Fibonacci retracement and 1.3607, the Nov 9 high. Strength through here would further improve the short-term picture, particularly with the trajectory of the 50-dma beginning to level out - indicating that momentum is beginning to turn higher. Firm support to watch is at 1.3404, the 20-day EMA.

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