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Trend Needle Points North

GBPUSD TECHS
  • RES 4: 1.2599 High Jun 7
  • RES 3: 1.2558 High Jub 9, 2022
  • RES 2: 1.2506 1.382 proj of the Sep 26 - Oct 5 - Oct 12 price swing
  • RES 1: 1.2448 High Jan 23
  • PRICE: 1.2390 @ 06:14 GMT Jan 24
  • SUP 1: 1.2313 Low Jan 19
  • SUP 2: 1.2215/2083 20-day EMA / Low Jan 9
  • SUP 3: 1.2071 50-day EMA
  • SUP 4: 1.1842 Low Jan 6 and the bear trigger

GBPUSD bullish conditions remain intact and the pair is trading closer to its recent highs. The pair on Monday, pierced resistance at 1.2446, the Dec 14 high. The move higher reinforces bullish conditions and a clear break of 1.2446 would confirm a resumption of the uptrend that started late September 2022. This would open 1.2506, a Fibonacci projection. On the downside, initial firm support to watch is seen at 1.2215, the 20-day EMA.

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