Sat, Dec 04, 2021 @ 17:45 GMT
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GBPUSD – Focus Shifts Higher After False Break Into Daily Cloud

Near-term focus turned higher again, following yesterday’s strong downside rejection that confirmed false break into daily cloud.

Today’s extension of strong bounce from 1.2382 (yesterday’s spike low) also completed inverse H&S pattern on hourly chart that signals further upside.

Fresh gains approach 1.2500 pivot (also broken bull-trendline off 1.1986 low) that marks a trigger for renewed attack at key 1.2550 zone barriers.

Daily 55 / 100 /30 SMA’s at 1.2426/17 zone remain key near-term supports, together with daily cloud top at (currently at 1.2404).

Bullish near-term bias is expected to stay in play while the price holds above these supports.

Res: 1.2500, 1.2550, 1.2580, 1.2619
Sup: 1.2452, 1.2426, 1.2404, 1.2382

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