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Bearish Extension

GBPUSD TECHS
  • RES 4: 1.4133 High Jun 16
  • RES 3: 1.4074 Low Jun 10
  • RES 2: 1.3975/4001 50-day EMA / High Jun 23
  • RES 1: 1.3886 High Jun 29
  • PRICE: 1.3854 @ 16:41 BST Jul 5
  • SUP 1: 1.3733 Low Jul 2
  • SUP 2: 1.3717 Low Apr 16
  • SUP 3: 1.3669 Low Apr 12 and a key support
  • SUP 4: 1.3567 Low Apr 2

GBPUSD traded lower again Friday and despite recovering from the day low, remains bearish. Last week, price breached 1.3787, Jun 21 low and touched new multi-month lows. This opens 1.3717, Apr 16 low. Attention is also on the key S/T support and bear trigger at 1.3669, Apr 12 low. Clearance of this level would mark an important bearish breakout. Initial firm resistance is seen at 1.4001, Jun 23 high. First resistance though is at 1.3886, Jun 29 high.

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