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Attention Is On Key Support

  • RES 4: 1.3968 Former bull channel base
  • RES 3: 1.3953 50% Retracement Feb - Mar Downleg
  • RES 2: 1.3919 High Apr 6 and a key resistance
  • RES 1: 1.3840 High Apr 7
  • PRICE: 1.3771 @ 06:05 BST Apr 14
  • SUP 1: 1.3670/69 Low Mar 25 / Low Apr 12
  • SUP 2: 1.3663 Low Low Feb 5
  • SUP 3: 1.3641 38.2% retracement of the Sep 23 - Feb 24 bull cycle
  • SUP 4: 1.3567 Low Feb 4

GBPUSD is marginally firmer. The pair however maintains a softer tone. Firm resistance is unchanged at 1.3919, Apr 6 high. Note, a former bull channel drawn off the Nov 2, 2020 low also highlights a key resistance at 1.3968. Clearance of 1.3919 and 1.3968 is required to strengthen a bullish argument. Attention is on key support 1.3670, Mar 25 low. A clean break would resume the 1-½ month downtrend and open 1.3641, a Fibonacci retracement.

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