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Trend Needle Points North

GBPUSD TECHS
  • RES 4: 1.2881 76.4% retracement of the Jul 14 - Oct 4 bear leg
  • RES 3: 1.2808 2.0% 10-dma envelope
  • RES 2: 1.2800 High Aug 22
  • RES 1: 1.2733 High Nov 29
  • PRICE: 1.2650 @ 16:23 GMT Nov 30
  • SUP 1: 1.2591/2469 Low Nov 27 / 20-day EMA
  • SUP 2: 1.2395 50-day EMA
  • SUP 3: 1.2266 Low Nov 14
  • SUP 4: 1.2187 Low Nov 10 and key short-term support

The trend direction in GBPUSD remains up despite the pullback Thursday, with this week’s climb reinforcing current conditions. The extension maintains the current positive price sequence of higher highs and higher lows. Moving average studies are in a bull-mode position, highlighting an uptrend. The focus is on 1.2800, the Aug 22 high and 1.2808, a vol band resistance and. On the downside, initial firm support to watch at 1.2469, the 20-day EMA.

MNI London Bureau | +44 203-865-3809 | edward.hardy@marketnews.com

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