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Bearish Theme

GBPUSD TECHS
  • RES 4: 1.3439 High Feb 25
  • RES 3: 1.3398 61.8% retracement of the Feb 10 - Mar 15 downleg
  • RES 2: 1.3277/98 50-day EMA / High Mar 23
  • RES 1: 1.3183 High Mar 30
  • PRICE: 1.3077 @ 17:19 BST Apr 6
  • SUP 1: 1.3046/3000 Low Apr 6 / Low Mar 15 and the bear trigger
  • SUP 2: 1.2954 1.764 proj of the Jan 13 - 27 - Feb 10 price swing
  • SUP 3: 1.2933 Low Nov 5 2020
  • SUP 4: 1.2855 Low Nov 2 2020 and a key support

GBPUSD closed near session lows Tuesday, and slipped further still early Wednesday. Trend conditions remain bearish. The pair has also recently failed to remain above a number of short-term resistance points and the pullback from 1.3298, Mar 23 high, means price is still trading below the 50-day EMA, at 1.3277 today. The focus is on 1.3000, Mar 15 low and a bear trigger. Clearance of the 50-day EMA would highlight a short-term reversal.

Foreign Exchange Technical AnalysisHomepagemarkets-real-timeBulletMarketsForeign Exchange Bullets
Foreign Exchange Technical AnalysisHomepagemarkets-real-timeBulletMarketsForeign Exchange Bullets

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