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Bearish Threat

GBPUSD TECHS
  • RES 4: 1.2803 High Mar 21
  • RES 3: 1.2759 61.8% retracement of the Mar 8 - Apr 1 bear leg
  • RES 2: 1.2717 50.0% retracement of the Mar 8 - Apr 1 bear leg
  • RES 1: 1.2709 High Apr 09
  • PRICE: 1.2579 @ 14:40 BST Apr 10
  • SUP 1: 1.1.2540 Low Apr 1 / 2
  • SUP 2: 1.2519 Low Feb 5 and the bear trigger
  • SUP 3: 1.2465 50.0% retracement of the Oct 4 - Mar 8 bull leg
  • SUP 4: 1.2446 Low Nov 20 ‘23

GBPUSD has reversed lower today and this reistates a short-term bearish threat. Key support to watch lies at 1.2519, the Feb 5 low. A clear break of this level would highlight an important bearish development and a stronger reversal. This would open 1.2465, 50.0% of the Oct 4 - Mar 8 bull leg. On the upside, a resumption of the recent bull cycle would signal scope for a recovery towards 1.2759, a Fibonacci retracement.

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  • RES 4: 1.2803 High Mar 21
  • RES 3: 1.2759 61.8% retracement of the Mar 8 - Apr 1 bear leg
  • RES 2: 1.2717 50.0% retracement of the Mar 8 - Apr 1 bear leg
  • RES 1: 1.2709 High Apr 09
  • PRICE: 1.2579 @ 14:40 BST Apr 10
  • SUP 1: 1.1.2540 Low Apr 1 / 2
  • SUP 2: 1.2519 Low Feb 5 and the bear trigger
  • SUP 3: 1.2465 50.0% retracement of the Oct 4 - Mar 8 bull leg
  • SUP 4: 1.2446 Low Nov 20 ‘23

GBPUSD has reversed lower today and this reistates a short-term bearish threat. Key support to watch lies at 1.2519, the Feb 5 low. A clear break of this level would highlight an important bearish development and a stronger reversal. This would open 1.2465, 50.0% of the Oct 4 - Mar 8 bull leg. On the upside, a resumption of the recent bull cycle would signal scope for a recovery towards 1.2759, a Fibonacci retracement.