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Downtrend Accelerates

GBPUSD TECHS
  • RES 4: 1.3175 50-day EMA
  • RES 3: 1.3090/3147 High Apr 21 / High Apr 14
  • RES 2: 1.2974 Low Apr 13 and a recent breakout level
  • RES 1: 1.2877 Intraday high
  • PRICE: 1.2708 @ 16:48 BST Apr 25
  • SUP 1: 1.2699 1.382 proj of the Mar 23 - Apr 13 - 14 price swing
  • SUP 2: 1.2676 Low Sep 23, 2020
  • SUP 3: 1.2644 Low Jul 22 2020
  • SUP 4: 1.2495 61.8% retracement of the Mar 2020 - Jan 21 bull leg

The downtrend in GBPUSD accelerated further on Monday as prices cleared the bear trigger at 1.2974, Apr 13 low. The break of this level and Monday’s follow through, confirms a resumption of bearish activity and an extension of the primary downtrend. The focus is on 1.2699 next, a Fibonacci projection. Key short-term resistance is unchanged at 1.3147, the Apr 14 high. Initial resistance is at Monday’s 1.2877 intraday high.

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