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Under Pressure

GBPUSD TECHS
  • RES 4: 1.3547 1.382 proj of Sep 23 - Oct 21 rally from Nov 2 low
  • RES 3: 1.3539 High Dec 4
  • RES 2: 1.3506 1.0% 10-dma envelope
  • RES 1: 1.3437 Intraday high
  • PRICE: 1.3258 @ 10:44 GMT Dec 7
  • SUP 1: 1.3225 Intraday low
  • SUP 2: 1.3196 Low Nov 19 and key near-term support
  • SUP 3: 1.3163 50-day EMA
  • SUP 4: 1.3106 Low Nov 12

GBPUSD is down sharply this morning as Sterling is sold across the board. The pair has cleared support at 1.3288, Dec 2 low and is also through the 20-day EMA. Further weakness would expose 1.3196, Nov 19 low and 1.3163 the 50-day EMA. The pair needs to regain today's intraday high of 1.3437 to offset today's bearish threat. This would refocus attention on Friday's high of 1.3539 where a break is required to resume bullish activity.

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