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  • RES 4: 1.4203/48 High Jun 3 / High Jun 1 and the bull trigger
  • RES 3: 1.4133 High Jun 16
  • RES 2: 1.4022 50-day EMA
  • RES 1: 1.3944 High Jun 18
  • PRICE: 1.3919 @ 16:09 BST Jun 22
  • SUP 1: 1.3787 Low Jun 21
  • 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

Despite Monday's gains, GBPUSD remains vulnerable following sharp losses last week and the break of short-term support - price has cleared the 50-day EMA and 1.4006, May 13 low. Cable has also traded through the 100-DMA, reinforcing current bearish conditions. Scope is seen for an extension lower towards 1.3717, Apr 14 low. On the upside, initial firm resistance is seen at 1.4022, the 50-day EMA.