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Bear Trend Extension

GBPUSD TECHS
  • RES 4: 1.2803 High Mar 21
  • RES 3: 1.2709 High Apr 09
  • RES 2: 1.2524/1.2597 20-and 50-day EMA values
  • RES 1: 1.2468 High Apr 19
  • PRICE: 1.2437 @ 16:16 BST Apr 23
  • SUP 1: 1.2300 Low Apr 22
  • SUP 2: 1.2266 Low Nov 14 ‘23
  • SUP 3: 1.2239 76.4% retracement of the Oct 4 - Mar 8 bull leg
  • SUP 4: 1.2187 Low Nov 10

The trend condition in GBPUSD remains bearish despite Tuesday’s bounce, with last week’s extension plus Monday’s move lower reinforcing the current condition. Moving average studies are in a bear-mode set-up and the break lower in price maintains the downward price sequence of lower lows and lower highs, reinforcing a bearish theme. Sights are on 1.2266, the Nov 14 2023 low. Initial firm resistance is seen at 1.2524, the 20-day EMA.

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