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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: 1.2686 2.0% 10-dma envelope
  • RES 2: 1.2589 50.0% retracement of the Jul 14 - Oct 4 bear leg
  • RES 1: 1.2564 High Nov 23
  • PRICE: 1.2541 @ 06:04 GMT Nov 24
  • SUP 1: 1.2449 Low Nov 22
  • SUP 2: 1.2374/2349 Low Nov 17 / 50-day EMA
  • SUP 3: 1.2266 Low Nov 14
  • SUP 4: 1.2187 Low Nov 10 and key short-term support

The trend outlook in GBPUSD remains bullish and the pair traded to a fresh short-term cycle high Thursday. This week’s gains have resulted in a break of 1.2506, the Nov 14 high. The move higher confirms a resumption of the uptrend and maintains the 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 firm support to watch has been defined at 1.2374, the Nov 17 low.

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