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Free AccessTrend Needle Points North
- RES 4: 1.2643 High Sep 4
- RES 3: 1.2592 2.0% 10-dma envelope
- RES 2: 1.2589 50.0% retracement of the Jul 14 - Oct 4 bear leg
- RES 1: 1.2510 High Nov 20
- PRICE: 1.2496 @ 16:46 GMT Nov 20
- SUP 1: 1.2320 50-day EMA
- SUP 2: 1.2266/2187 Low Nov 14 / 10 and key short-term support
- SUP 3: 1.2138 Low Nov 2
- SUP 4: 1.2070 Low Oct 26
A bull cycle in GBPUSD remains in play and last week’s gains reinforce current bullish conditions. Resistance at 1.2428, the Nov 6 high, has been breached and note that price is also through 1.2459, 38.2% of the Jul 14 - Oct 4 bear leg. This signals scope for a climb towards 1.2589 next, the 50.0% retracement point. Firm short-term support is at 1.2187, the Nov 10 low. A short-term pullback would be considered corrective.
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Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.