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Free Access1.4009 Needed For Bullish Signals
- 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.
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Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.