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Consolidation Mode

GBPUSD TECHS
  • RES 4: 1.3355 High Mar 4
  • RES 3: 1.3298 High Mar 23 and a pivot resistance
  • RES 2: 1.3189 50-day EMA
  • RES 1: 1.3147 High Apr 14
  • PRICE: 1.3033 @ 06:11 BST Apr 22
  • SUP 1: 1.2974 Low Apr 13 and the bear trigger
  • SUP 2: 1.2954 1.764 proj of the Jan 13 - 27 - Feb 10 price swing
  • SUP 3: 1.2933 Low Nov 5 2020
  • SUP 4: 1.2855 Low Nov 2 2020 and a key support

GBPUSD is in consolidation mode. The trend direction remains down and attention is on the bear trigger at 1.2974, Apr 13 low. A breach of this level would confirm a resumption of bearish activity and open 1.2933, the Nov 5 2020 low. Moving average studies also point south, highlighting current market sentiment. Key short-term resistance is at 1.3147, the Apr 14 high. The 50-day EMA, at 1.3189, also represents a firm resistance.

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