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Volatile But Firmer

GBPUSD TECHS
  • RES 4: 1.3539 High Dec 4 and the bull trigger
  • RES 3: 1.3499 1.0% 10-dma envelope
  • RES 2: 1.3478 High Dec 9
  • RES 1: 1.3437 Intraday high
  • PRICE: 1.3427 @ 10:56 GMT Dec 14
  • SUP 1: 1.3265 Intraday low
  • SUP 2: 1.3135 Low Dec 11
  • SUP 3: 1.3106 Low Low Nov 12
  • SUP 4: 1.3006 61.8% retracement of the Sep 23 - Dec 4 rally

GBPUSD remains volatile and has rallied higher this morning, erasing some of last week's losses. The recovery off Friday's low of 1.3135 defines this level as a key support and the extent of today's gains suggests the pullback between Dec 4 - 11, a correction, has run its course. If correct, this would signal scope for a retest and potential break of key resistance at 1.3539, Dec 4 high. Weakness below 1.3135 reinstates a bearish theme.

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