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Trend Condition Remains Bullish

GBPUSD TECHS
  • RES 4: 1.3045 High Jul 19
  • RES 3: 1.2996 High Jul 27
  • RES 2: 1.2881 76.4% retracement of the Jul 14 - Oct 4 bear leg
  • RES 1: 1.2827 High Dec 28 and the bull trigger
  • PRICE: 1.2699 @ 06:11 GMT Jan 10
  • SUP 1: 1.2611/2592 Low Jan 03 / 50-day EMA
  • SUP 2: 1.2500 Low Dec 13
  • SUP 3: 1.2449 Low Nov 22
  • SUP 4: 1.2374 Low Nov 17

GBPUSD is unchanged. The trend outlook remains bullish and the pair is trading closer to its recent gains. Attention is on resistance at 1.2827, the Dec 28 high and bull trigger. Clearance of this level would confirm a resumption of the uptrend and open 1.2881, a Fibonacci retracement point. Initial firm support lies at 1.2611, Jan 2 low. The 50-day EMA lies just below at 1.2592. Clearance of this support zone would highlight a short-term top.

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