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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 and the bull trigger
  • PRICE: 1.2393 @ 05:40 GMT Feb 2
  • SUP 1: 1.2291/64 20-day EMA / Low Jan 24 and key S/T support
  • SUP 2: 1.2143 50-day EMA
  • SUP 3: 1.2089 Low Jan 12
  • SUP 4: 1.2000 Round number support

GBPUSD is trading in a range and remains below its recent highs. The 4-month uptrend is intact - moving average studies are in a bull-mode position and this reflects bullish market sentiment. Price has recently pierced resistance at 1.2446, the Dec 14 high. A clear break of this hurdle would confirm a resumption of the uptrend and open 1.2506, a Fibonacci projection. Initial firm support to watch is 1.2264, the Jan 24 low.

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