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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: 1.3336 @ 16:50 GMT Nov 24
  • SUP 1: 1.3323 Low Nov 24
  • SUP 2: 1.3304 Low Dec 22, 2020
  • SUP 3: 1.3216 1.236 proj of the Sep 14 - 29 - Oct 20 price swing
  • SUP 4: 1.3165 38.2% Mar '20 - Jun '21 Upleg

GBPUSD traded lower again Wednesday, showing below the 1.3353 support as well as 1.3334. This cements the bearish outlook 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 1.3304 next, the Dec 22, 2020 low. Firm resistance is seen at 1.3514, Nov 9 high.

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

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