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Uptrend Extends

  • RES 4: 1.4082 1.00 proj of May - Sep 2020 rally from Sep 23 low
  • RES 3: 1.3998 High Apr 26, 2018
  • RES 2: 1.3935 High Apr 27, 2018
  • RES 1: 1.3843 1% 10-dma envelope
  • PRICE: 1.3820 @ 05:55 GMT Feb 10
  • SUP 1: 1.3681 20-day EMA
  • SUP 2: 1.3567 Low Feb 4 and key support
  • SUP 3: 1.3563/20 Low 50-day EMA / Low Jan 18 and key support
  • SUP 4: 1.3505 Low Jan 12

GBPUSD maintains a firmer tone and traded higher Tuesday to breach recent resistance at 1.3759, Jan 27 high. These gains confirm a resumption of the underlying uptrend that has been in place since the early March 2020 reversal. 1.3804, Apr 30, 2020 high has been breached, the focus is on 1.3935 next, Apr 27, 2018 high. On the downside, firm support lies at 1.3567, Feb 4 low. A break is required to dent the current bullish theme.

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