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Trend Condition Remains Bullish

GBPUSD TECHS
  • RES 4: 1.2233 200-dma
  • RES 3: 1.2141/43 4.0% 10-dma envelope / High Aug 17
  • RES 2: 1.2080 High Aug 18
  • RES 1: 1.2028 High Nov 15
  • PRICE: 1.1935 @ 15:55 GMT Nov 18
  • SUP 1: 1.1647 Low Nov 11
  • SUP 2: 1.1518 50-day EMA
  • SUP 3: 1.1334/1150 Low Nov 09 / Nov 04 and a bear trigger
  • SUP 4: 1.1061 Low Oct 21

GBPUSD traded lower Thursday but managed to recover from the day low. The trend condition remains bullish but it is worth noting that the short-term condition appears overbought - Tuesday's gains resulted in a print above the upper band of the 3.0% 10-dma envelope, before pulling back. A deeper retracement would be considered corrective. Tuesday’s high of 1.2028 is the trigger for a resumption of gains. Firm support is at 1.1518, the 50-day EMA.

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  • RES 4: 1.2233 200-dma
  • RES 3: 1.2141/43 4.0% 10-dma envelope / High Aug 17
  • RES 2: 1.2080 High Aug 18
  • RES 1: 1.2028 High Nov 15
  • PRICE: 1.1935 @ 15:55 GMT Nov 18
  • SUP 1: 1.1647 Low Nov 11
  • SUP 2: 1.1518 50-day EMA
  • SUP 3: 1.1334/1150 Low Nov 09 / Nov 04 and a bear trigger
  • SUP 4: 1.1061 Low Oct 21

GBPUSD traded lower Thursday but managed to recover from the day low. The trend condition remains bullish but it is worth noting that the short-term condition appears overbought - Tuesday's gains resulted in a print above the upper band of the 3.0% 10-dma envelope, before pulling back. A deeper retracement would be considered corrective. Tuesday’s high of 1.2028 is the trigger for a resumption of gains. Firm support is at 1.1518, the 50-day EMA.