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Bearish Theme

GBPUSD TECHS
  • RES 4: 1.3298 High Mar 23 and a key resistance
  • RES 3: 1.3234 50-day EMA
  • RES 2: 1.3167 High Apr 5
  • RES 1: 1.3114 20-day EMA
  • PRICE: 1.3001 @ 06:25 BST Apr 13
  • SUP 1: 1.2983 Low Apr 8
  • 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 is unchanged and remains vulnerable. Recent weakness resulted in a print below key support at 1.3000, the Mar 15 low and a bear trigger. The move lower confirms a resumption of the primary downtrend and marks an extension of the recent pullback from 1.3298, the Mar 23 high. The focus is on 1.2954, a Fibonacci projection level. Initial resistance is at 1.3114, the 20-day EMA ahead of the key 50-day EMA level at 1.3234.

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