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Fresh Multiyear Lows

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: 1.2625 @ 16:47 BST Apr 26
  • SUP 1: 1.2617 Low Apr 26
  • SUP 2: 1.2568 3.0% 10-dma envelope
  • SUP 3: 1.2495 61.8% retracement of the Mar 2020 - Jan 21 bull leg
  • SUP 4: 1.2252 Low Jun 29, 2020

This week’s weakness in GBPUSD extended into the Tuesday close, marking a continuation of the current downtrend. The pair has now cleared 1.2974, Apr 13 low, as well as 1.2676 last printed in September 2020. The price action over the past few sessions has put the pair in technically oversold territory: the 14d RSI is now at 25 - the lowest point since March 2020 and the initial wave of lockdowns that followed COVID. Support shifts to 1.2495 and 1.2568, the 3.0% 10-dma envelope.

MNI London Bureau | +44 203-865-3809 | edward.hardy@marketnews.com

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