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- RES 4: 1.4176 2.0% 10-dma envelope
- RES 3: 1.4103 76.4% retracement of the Feb 24 - Apr 12 downleg
- RES 2: 1.4009/17 High Apr 20 / High Mar 4
- RES 1: 1.4000 High May 7
- PRICE: 1.3985 @ 18:01 BST May 7
- SUP 1: 1.3801 Low May 3
- SUP 2: 1.3717 Low Apr 16
- SUP 3: 1.3670/69 Low Mar 25 / Low Apr 12 and key support
- SUP 4: 1.3567 Low Apr 2
GBPUSD benefited from broad USD weakness, rallying to touch, but not quite break, 1.40. This switches the outlook from bearish, to more neutral, with gains needed toward the Mar 4 high of 1.4017 to swing sentiment further. Markets need to counter bearish signals that emanated from the recent failure to tackle resistance at 1.4009, Apr 20 high, which highlights the risk of a pullback towards 1.3669, Apr 12 low. Clearance of this support level would strengthen a bearish case.