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Trend Needle Points South

GBPUSD TECHS
  • RES 4: 1.3913 High Sep 14 and a key resistance
  • RES 3: 1.3835 High Oct 20
  • RES 2: 1.3698 High Nov 4
  • RES 1: 1.3514/3607 High Nov 18 and a key resistance / High Nov 9
  • PRICE: 1.3382 @ 06:03 GMT Nov 24
  • SUP 1: 1.3343 Low Nov 23
  • SUP 2: 1.3334 1.00 proj of the Sep 14 - 29 - Oct 20 price swing
  • SUP 3: 1.3304 Low Dec 22, 2020
  • SUP 4: 1.3216 1.236 proj of the Sep 14 - 29 - Oct 20 price swing

GBPUSD traded lower yesterday and probed support at 1.3353, the Nov 12 low. The outlook remains bearish and further downside is likely near-term. The recent breach of 1.3412, Sep 29 low has strengthened the case for bears and confirmed a resumption of the downtrend. Furthermore, MA studies are in a bear mode, reinforcing current conditions. The focus is on 1.3334 next, a Fibonacci projection. Firm resistance is seen at 1.3514, Nov 9 high.

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