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Trend Condition Remains Bullish

GBPUSD TECHS
  • RES 4: 1.2819 High JAug 10
  • RES 3: 1.2800 High Aug 22
  • RES 2: 1.2733 High Nov 29 and the bull trigger
  • RES 1: 1.2678 76.4% retracement of the Nov 29 - Dec 13 correction
  • PRICE: 1.2639 @ 06:46 GMT Dec 14
  • SUP 1: 1.2547/00 20-day EMA / Low Dec 13
  • SUP 2: 1.2461 50-day EMA
  • SUP 3: 1.2374 Low Nov 17
  • SUP 4: 1.2266 Low Nov 14

The trend outlook in GBPUSD remains bullish and the recent pullback is considered corrective. Moving average studies are in a bull-mode set-up, highlighting a rising trend. Initial firm support to watch is 1.2547, the 20-day EMA. It has been pierced, a clear break would expose 1.2461, the 50-day EMA. Key resistance and the bull trigger has been defined at 1.2733, the Nov 29 high. A break would confirm a resumption of the uptrend.

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