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Hits Bear Trigger

GBPUSD TECHS
  • RES 4: 1.2659 50-day EMA
  • RES 3: 1.2599 High Jun 7
  • RES 2: 1.2517 20-day EMA
  • RES 1: 1.2431 Low Jun 7
  • PRICE: 1.2146 @ 16:08 BST Jun 13
  • SUP 1: 1.2124 Low Jun 13
  • SUP 2: 1.2104 3.0% 10-dma envelope
  • SUP 3: 1.2081 76.4% retracement of the Mar ‘21 - Jan ‘21 bull cycle
  • SUP 4: 1.2000 Psychological round number

GBPUSD losses accelerated Monday, falling well through the bear trigger at 1.2156 and fully reversing the bull cycle that had taken place between May 13 - 27. A number of short-term support levels have been cleared signalling potential for weakness towards the psychological 1.20 handle. This puts the pair at the lowest levels since 2020 and the pandemic-induced lows. On the upside, initial resistance is seen at 1.2517, the 20-day EMA.

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