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Weak to Weaker

GBPUSD TECHS
  • RES 4: 1.2638 50-day EMA
  • RES 3: 1.2599 High Jun 7
  • RES 2: 1.2480 20-day EMA
  • RES 1: 1.2332/2431 High Jun 13 / Low Jun 7
  • PRICE: 1.2016 @ 15:52 BST Jun 14
  • SUP 1: 1.2000 Psychological round number
  • SUP 2: 1.1934 High Mar 20 2020
  • SUP 3: 1.1777 Low Mar 26 2020
  • SUP 4: 1.1640 Low Mar 25 2020

GBPUSD is bearish. Losses accelerated Monday and persisted through the Tuesday session. The price action resulted in a break of the bear trigger at 1.2156, May 13 low. The move lower this week confirms a resumption of the primary downtrend. Potential is seen for weakness towards the psychological 1.2000 handle next. This puts the pair at the lowest levels since 2020 and the pandemic-induced lows. Firm resistance is seen at 1.2480, the 20-day EMA.

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