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Bounce Fades

GBPUSD TECHS
  • RES 4: 1.4133 High Jun 16
  • RES 3: 1.4074 Low Jun 10
  • RES 2: 1.3970/1.4001 50-day EMA / High Jun 23 and key resistance
  • RES 1: 1.3928 20-day EMA
  • PRICE: 1.3796 @ 16:46 BST Jul 6
  • SUP 1: 1.3788/3733 Low Jul 6 / 2
  • 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

GBPUSD's recovery was short-lived, with the bounce fading swiftly into the London close to keep the near-term outlook bearish. Last week, price breached 1.3787, Jun 21 low and touched new multi-month lows. This opens 1.3717, Apr 16 low. Attention is also on the key short-term support and bear trigger at 1.3669, Apr 12 low. Initial firm resistance is seen at 1.4001, Jun 23 high. First resistance though is at 1.3928, the 20-day EMA.

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