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Watching Support At The 20-Day EMA

  • 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 Dec 5 / High Nov 29 and the bull trigger
  • PRICE: 1.2583 @ 05:53 GMT Dec 12
  • SUP 1: 1.2538/03 20-day EMA / Low Dec 8
  • SUP 2: 1.2451 50-day EMA
  • SUP 3: 1.2374 Low Nov 17
  • SUP 4: 1.2266 Low Nov 14

The uptrend in GBPUSD remains intact and the recent pullback appears to be a correction. MA studies are in a bull-mode set-up, highlighting a rising trend. Initial firm support to watch is 1.2538, the 20-day EMA. It has been pierced, a clear break would signal scope for a deeper pullback towards 1.2451, the 50-day EMA. Key resistance has been defined at 1.2733, the Nov 29 high. A break of this level would resume the uptrend and open 1.2800.

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