Forex - Chart GBP/USD Update: Extending gains - critical resistance at 1.3000/12


 08:08 (GMT) 18 Nov

  [Forex Charts]

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Chart GBP/USD Update: Extending gains - critical resistance at 1.3000/12 (0101-PSLF-C01)

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Asterisk denotes strength of level

07:55 GMT - Extending gains, with a sharp run higher now trading around 1.2950. Intraday studies are already overbought, suggesting short-term consolidation around here, before improving daily readings push prices still higher. Critical resistance is at 1.3000/12. A close above here is needed to confirm continuation of the broad September rally and open up the 1.3046 Fibonacci retracement. A further close above here would target the 1.3143 major retracement. Support is raised to 1.2900. An unexpected close beneath here is needed to delay higher levels and turn price action Neutral once again.


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