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Bearish Extension

GBPUSD TECHS
  • RES 4: 1.3913 High Sep 14, 2021
  • RES 3: 1.3835 High Oct 20 and key resistance
  • RES 2: 1.3728/49 200-dma / High Jan 13
  • RES 1: 1.3566/ 3662 High Jan 24 High Jan 20
  • PRICE: 1.3385 @ 17:20 GMT Jan 27
  • SUP 1: 1.3358 Low Jan 27
  • SUP 2: 1.3343 Low Dec 23
  • SUP 3: 1.3301 76.4% retracement of the Dec 8 - Jan 13 bull phase
  • SUP 4: 1.3281 1.0% 10-dma envelope

GBPUSD remains vulnerable following recent weakness and traded lower Thursday. The pair has breached both the 20- and 50-day EMAs, reinforcing a short-term bearish threat and the potential for a deeper pullback. The focus turns to 1.3343 and 1.3301, a Fibonacci retracement. Initial firm resistance has been defined at 1.3662, Dec 20 high. Initial resistance is seen at 1.3566, the Jan 24 high.

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