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Vol Band Contains Rally

GBPUSD TECHS
  • RES 4: 1.1799 0.764 proj of the Sep 26 - Oct 5 - 12 price swing
  • RES 3: 1.1738 High Sep 13
  • RES 2: 1.1687 2.0% 10-dma Envelope
  • RES 1: 1.1686 High Nov 10
  • PRICE: 1.1666 @ 16:22 GMT Nov 10
  • SUP 1: 1.1334/1150 Low Nov 09 / Nov 04 nand a bear trigger
  • SUP 2: 1.1061 Low Oct 21
  • SUP 3: 1.0924 Low Oct 12 and a key short-term support
  • SUP 4: 1.0763 Low Sep 29

GBPUSD rallied sharply Thursday on the back of the soft CPI release, taking out resistance at 1.1645 on the way higher to 1.1686. Envelope resistance at 1.1687 successfully contained the rally, suggesting we may see a moderation in the rally in the short-term. Recent price action highlights two important short-term directional triggers. Thursday price action opens 1.1799, a Fibonacci projection. A break of 1.1150 would reinstate a bearish theme.

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