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Trend Needle Points North

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: 1.2345/2406 High Dec 5 / High Jun 16
  • PRICE: 1.2166 @ 15:39 GMT Dec 6
  • SUP 1: 1.2154 High Nov 24 and a recent breakout point
  • SUP 2: 1.2054/1935 Low Dec 1 / 20-day EMA
  • SUP 3: 1.1901 Low Nov 30
  • SUP 4: 1.1725 50-day EMA

Trend conditions in GBPUSD remain bullish and short-term pullbacks are considered corrective. Last week’s gains reinforce the uptrend - the pair has traded through the 200-dma. This maintains a bullish price sequence of higher highs and higher lows and note that moving averages studies are in a bull-mode position. A resumption of gains would open 1.2406, the Jun 16 high. Key short-term support has been defined at 1.1901, the Nov 30 low.

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