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Volatile And Under Pressure

GBPUSD TECHS
  • RES 4: 1.3508 1.0% 10-dma envelope
  • RES 3: 1.3478 High Dec 9
  • RES 2: 1.3412 High Dec 10
  • RES 1: 1.3325 Intraday high
  • PRICE: 1.3202 @ 10:58 GMT Dec 11
  • SUP 1: 1.3185 Intraday low
  • SUP 2: 1.3106 Low Low Nov 12
  • SUP 3: 1.3006 61.8% retracement of the Sep 23 - Dec 4 rally
  • SUP 4: 1.2933 Low Nov 5

GBPUSD is sharply lower as conditions remain volatile. The pair has cleared initial support at 1.3225, Dec 7 low and an intraday bear trigger. Price is pressuring the 50-day EMA at 1.3191 where a clear break would strengthen the bearish case and open 1.3106, the Nov 12 low. A move through this latter support would set the scene for weakness towards 1.3006, a retracement level. On the upside, initial resistance is at today's intraday high of 1.3325.

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