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Bearish Outlook

GBPUSD TECHS
  • RES 4: 1.2974 Low Apr 13 and a recent breakout level
  • RES 3: 1.2877 High Apr 25
  • RES 2: 1.2772/82 High Apr 26 / 20-day EMA
  • RES 1: 1.2638 High May 4
  • PRICE: 1.2554 @ 06:11 BST May 5
  • SUP 1: 1.2412 Low Apr 28 and the bear trigger
  • SUP 2: 1.2375 2.382 proj of the Mar 23 - Apr 13 - 14 price swing
  • SUP 3: 1.2252 Low Jun 29 2020
  • SUP 4: 1.2162 Low May 22 2020

A bearish risk in GBPUSD remains present. The recovery from 1.2412, Apr 208 low highlights a shallow correction and a bearish flag formation. This reinforces the current bearish theme following the recent impulsive sell-off that occurred between Apr 21 - 28. A breach of 1.2412 would confirm a resumption of the downtrend and open 1.2375, a Fibonacci projection. The 20-day EMA at 1.2782, is seen as firm resistance.

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