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(Z2) Bearish Theme Intact

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GBPUSD
  • RES 4: 1.2974 Low Apr 13 and a recent breakout level
  • RES 3: 1.2877 High Apr 25
  • RES 2: 1.2772/82 High Apr 26 / 20-day EMA
  • RES 1: 1.2638 High May 4
  • PRICE: 1.2369 @ 13:30 BST May 5
  • SUP 1: 1.2337 2.50 proj of the Mar 23 - Apr 13 - 14 price swing
  • SUP 2: 1.2252 Low Jun 29 2020
  • SUP 3: 1.2200 round number support
  • SUP 4: 1.2162 Low May 22 2020

A bearish risk in GBPUSD remains present and the pair has sold off sharply once again today. The break of 1.2412, Apr 28 low, confirms a recent shallow correction and a bear flag breakout on the daily frequency. This confirms a resumption of the downtrend and signals scope for weakness towards 1.2252 next, the Jun 29 2020 low. Key short-term resistance has been defined at 1.2638, the May 4 high.

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