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Trend Needle Points North

GBPUSD TECHS


  • RES 4: 1.2720 61.8% retracement of the Jul 14 - Oct 4 bear leg
  • RES 3: 1.2654 2.0% 10-dma envelope
  • RES 2: 1.2589 50.0% retracement of the Jul 14 - Oct 4 bear leg
  • RES 1: 1.2559 High Nov 21
  • PRICE: 1.2512 @ 05:59 GMT Nov 23
  • SUP 1: 1.2374/2341 Low Nov 17 / 50-day EMA
  • SUP 2: 1.2266 Low Nov 14
  • SUP 3: 1.2187 Low Nov 10 and key short-term support
  • SUP 4: 1.2138 Low Nov 2

The trend outlook in GBPUSD remains bullish. This week’s move higher has resulted in a breach of resistance at 1.2506, the Nov 14 high. The break confirms a resumption of the uptrend and maintains a positive price sequence of higher highs and higher lows. Sights are on 1.2589, 50.0% of the Jul 14 - Oct 4 bear leg. On the downside, initial support to watch has been defined at 1.2374, the Nov 17 low.

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