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Heavy!

GBPUSD TECHS
  • RES 4: 1.3158 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 High Apr 25
  • PRICE: 1.2756 @ 06:20 BST Apr 26
  • SUP 1: 1.2698 Low Apr 25
  • 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

Monday’s weakness in GBPUSD confirmed an extension of the current downtrend. The pair cleared the bear trigger at 1.2974, Apr 13 low. This strengthens the bearish outlook and maintains the price sequence of lower lows and lower highs. The focus is on 1.2676 next, the Sep 23 2020 low. 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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