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Bear Threat Remains Present

GBPUSD TECHS
  • RES 4: 1.2996 High Jul 27 2023
  • RES 3: 1.2946 2.00 projection of the Feb 14 - 22 - Mar 1 price swing
  • RES 2: 1.2894 High Mar 8 and the bull trigger
  • RES 1: 1.2668/2803 20-day EMA / High Mar 21
  • PRICE: 1.2572 @ 16:37 GMT Apr 2
  • SUP 1: 1.2536 Low Feb 14
  • SUP 2: 1.2519 Low Feb 5 and the bear trigger
  • SUP 3: 1.2465, 50.0% retracement of the Oct 4 - Mar 8 bull leg
  • SUP 4: 1.2446 Low Nov 20 ‘23

A bearish threat in GBPUSD remains present and the pair traded lower Monday, marking an extension of the downleg that started Mar 8. The move lower paves the way for a test of 1.2519, the Feb 5 low and a key support. Clearance of this level would reinforce the bearish theme. First resistance is 1.2668, the 20-day EMA. A breach of this average is required to ease bearish pressure.

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