April 22, 2024 05:07 GMT
Bearish Trend Sequence
GBPUSD TECHS
- RES 4: 1.2803 High Mar 21
- RES 3: 1.2709 High Apr 09
- RES 2: 1.2542/1.2607 20-and 50-day EMA values
- RES 1: 1.2468 High Apr 19
- PRICE: 1.2386 @ 06:06 BST Apr 22
- SUP 1: 1.2364 61.8% retracement of the Oct 4 - Mar 8 bull leg
- SUP 2: 1.2266 Low Nov 14 ‘23
- SUP 3: 1.2239 76.4% retracement of the Oct 4 - Mar 8 bull leg
- SUP 4: 1.2187 Low Low Nov 10
The trend condition in GBPUSD remains bearish and last week’s extension reinforces current conditions. Moving average studies are in a bear-mode set-up and the break lower in price maintains the downward price sequence of lower lows and lower highs, reinforcing a bearish theme. Sights are on 1.2364, a Fibonacci retracement. A break would open 1.2266, the Nov 14 2023 low. Initial firm resistance is seen at 1.2542, the 20-day EMA.
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