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Bearish Outlook

GBPUSD TECHS
  • RES 4: 1.2680 High May 10 and the bull trigger
  • RES 3: 1.2641 High May 11
  • RES 2: 1.2592 76.4% retracement of the May 10 - 25 bear cycle
  • RES 1: 1.2500/2545 High Jun 7 / 2 and key resistance
  • PRICE: 1.2454 @ 06:02 BST Jun 8
  • SUP 1: 1.2369/2308 Low Jun 5 / Low May 25 and the bear trigger
  • SUP 2: 1.2275 Low Apr 3
  • SUP 3: 1.2242 50.0% retracement of the Mar 8 - May 10 bull run
  • SUP 4: 1.2213 Low Mar 27

GBPUSD retained a sell-on-rallies theme into the Wednesday close. The pullback from 1.2545, Jun 2 high, highlights a bearish threat and this level represents a key short-term resistance. Note that, despite a brief test above it last week, 61.8% of the May 10 - 25 downleg at 1.2538 remains intact - an important resistance. A continuation lower would open 1.2308, May 25 low and key support. Clearance of 1.2545 would reinstate the recent bull cycle.

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