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27.10.2023 05:17 AM
GBPUSD H4 | Rising toward 1st resistance?

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The GBP/USD chart currently shows bullish momentum with potential for an upward move towards the 1st resistance at 1.2213, a significant level due to its alignment with a pullback resistance and the 78.60% Fibonacci Projection. There's also a 2nd resistance at 1.2288, acting as a swing high resistance.

For support, the 1st level at 1.2054 is a multi-swing low support, while the 2nd support at 1.197 coincides with the 161.80% Fibonacci Extension, both indicating strong potential support. This suggests a bullish trend in the GBP/USD chart.

Dean Leo,
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