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Watching Support At The 20-Day EMA

GBPUSD TECHS
  • RES 4: 1.2996 High Jul 27
  • RES 3: 1.2881 76.4% retracement of the Jul 14 - Oct 4 bear leg
  • RES 2: 1.2800 High May 5 / High Aug 22
  • RES 1: 1.2651/1.2733 High Nov 29 and the bull trigger
  • PRICE: 1.2588 @ 06:06 GMT Dec 8
  • SUP 1: 1.2534 20-day EMA
  • SUP 2: 1.2442 50-day EMA
  • SUP 3: 1.2374 Low Nov 17
  • SUP 4: 1.2266 Low Nov 14

The trend direction in GBPUSD remains up and the recent pullback is considered corrective. MOving average studies remain in a bull-mode set-up, highlighting a rising trend. Initial firm support is seen at 1.2534, the 20-day EMA. A break of this average would signal scope for a deeper pullback and open 1.2442, the 50-day EMA. For bulls, the trigger for a resumption of the uptrend is at 1.2733, the Nov 29 high. A break would open 1.2800.

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