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Resumes Bearish Activity

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: 1.3090/3147 High Apr 21 / High Apr 14
  • PRICE: 1.2955 @ 08:04 BST Apr 22
  • SUP 1: 1.2954 1.764 proj of the Jan 13 - 27 - Feb 10 price swing
  • SUP 2: 1.2933 Low Nov 5 2020
  • SUP 3: 1.2855 Low Nov 2 2020 and a key support
  • SUP 4: 1.2830 50.0% retracement of the Mar ‘20 - Jun ‘21 uptrend

GBPUSD is lower and has breached support and the bear trigger at 1.2974, Apr 13 low. The break of this level confirms a resumption of bearish activity and an extension of the primary downtrend. This opens 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. Initial resistance is at 1.3090, the Apr 21 high.

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