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Trading Below Recent Highs

GBPUSD TECHS
  • RES 4: 1.2667 High May 27
  • RES 3: 1.2599 High Jun 7
  • RES 2: 1.2506 1.382 proj of the Sep 26 - Oct 5 - Oct 12 price swing
  • RES 1: 1.2446 High Dec 14 and the bull trigger
  • PRICE: 1.2175 @ 05:56 GMT Dec 19
  • SUP 1: 1.2122 20-day EMA
  • SUP 2: 1.2107 Low Dec 7 and a key support
  • SUP 3: 1.2054/1901 Low Dec 1 / Low Nov 30
  • SUP 4: 1.1883 50-day EMA

Trend conditions in GBPUSD remain bullish, however, last Thursday’s strong sell-off signals a possible short-term top. Attention is on the first key support at 1.2107, the Dec 7 low. Clearance of this level would pave the way for a move towards 1.1901, the Nov 30 low. On the upside, key short-term resistance has been defined at 1.2446, the Dec 14 high. A turn higher and a break of this hurdle, would confirm a resumption of the uptrend.

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