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Free AccessWorking Against Negative Trend
- RES 4: 1.3913 High Sep 14 and a key resistance
- RES 3: 1.3835 High Oct 20
- RES 2: 1.3640 50-day EMA
- RES 1: 1.3491/3607 High Nov 16 / High Nov 9 and a key resistance
- PRICE: 1.3478 @ 16:31 GMT Nov 17
- SUP 1: 1.3353 Low Nov 12
- SUP 2: 1.3334 1.00 proj of the Sep 14 - 29 - Oct 20 price swing
- SUP 3: 1.3304 Low Dec 22, 2020
- SUP 4: 1.3216 1.236 proj of the Sep 14 - 29 - Oct 20 price swing
GBPUSD traded higher Wednesday, working against the negative trend. Nonetheless, rallies appear corrective, with the short-term outlook remaining bearish. The recent breach of 1.3412, Sep 29 low confirms a resumption of the current bear trend, paving the way for an extension lower short-term. Moving average studies are in a bear mode and this reinforces current conditions. The focus is on 1.3334 next, a Fibonacci projection. Firm resistance has been defined at 1.3607, Nov 9 high.
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Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.