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Bearish Extension

GBPUSD TECHS
  • RES 4: 1.3958 High Aug 4
  • RES 3: 1.3913 High Sep 14 and a key resistance
  • RES 2: 1.3723/79 20-day EMA / 50-day EMA
  • RES 1: 1.3555/3602 Intraday high / Low Aug 20
  • PRICE: 1.3475 @ 12:33 BST Sep 29
  • SUP 1: 1.3462 50.0% retracement of the Sep '20 - Jan bull phase
  • SUP 2: 1.3430 Low Dec 28, 2020
  • SUP 3: 1.3354 Low Dec 23, 2020
  • SUP 4: 1.3277 61.8% retracement of the Sep '20 - Jan bull phase

GBPUSD remains under pressure following yesterday's sharp sell-off that resulted in the break of a number of key supports. The triangle base at 1.3637, drawn from the Jul 20 low has been breached and this led to a move below 1.3602, the Aug 20 low and 1.3572, the Jul 20 low. Further weakness is likely with the focus on 1.3462 next, 50.0% of the Sep '20 - Jan bull phase. Initial firm resistance is at 1.3602.

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