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Watching Support

GBPUSD TECHS
  • RES 4: 1.3835 High Oct 20 and key resistance
  • RES 3: 1.3705/49 200-dma / High Jan 13
  • RES 2: 1.3662 High Jan 20
  • RES 1: 1.3644 High Feb 10
  • PRICE: 1.3530 @ 06:22 GMT Feb 11
  • SUP 1: 1.3491 Low Feb 7
  • SUP 2: 1.3435 Low Feb 1
  • SUP 3: 1.3358 Low Jan 27 and the bear trigger
  • SUP 4: 1.3301 76.4% retracement of the Dec 8 - Jan 13 bull phase

GBPUSD traded higher Thursday to 1.3644 but failed to hold onto its gains. The outlook is unchanged and remains bullish following recent gains from 1.3358, Jan 27 low and scope is seen for a test of 1.3662 next, Jan 20 high. On the downside, initial support lies at 1.3491, Feb 7 low. Key support is unchanged at 1.3358, Jan 27 low. This is the trigger for a resumption of bearish pressure.

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