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Corrective Bounce Still In Play

GBPUSD TECHS
Foreign Exchange Technical AnalysisHomepagemarkets-real-timeBulletMarketsForeign Exchange Bullets
  • RES 4: 1.2803 High Mar 21
  • RES 3: 1.2709 High Apr 09
  • RES 2: 1.2583 50-day EMA values
  • RES 1: 1.2541 High Apr 26
  • PRICE: 1.2479 @ 17:10 BST Apr 26
  • SUP 1: 1.2423/2300 Low Apr 24 / 22 and the bear trigger
  • 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 Nov 10

The trend condition in GBPUSD remains bearish and last week’s recovery appears to be a correction - for now. The move higher is allowing an oversold condition to unwind. Moving average studies are in a bear-mode set-up and the recent break lower, maintains the downward price sequence of lower lows and lower highs. A resumption of weakness would open 1.2266, the Nov 14 2023 low. Resistance to watch is 1.2583, the 50-day EMA.

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  • RES 4: 1.2803 High Mar 21
  • RES 3: 1.2709 High Apr 09
  • RES 2: 1.2583 50-day EMA values
  • RES 1: 1.2541 High Apr 26
  • PRICE: 1.2479 @ 17:10 BST Apr 26
  • SUP 1: 1.2423/2300 Low Apr 24 / 22 and the bear trigger
  • 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 Nov 10

The trend condition in GBPUSD remains bearish and last week’s recovery appears to be a correction - for now. The move higher is allowing an oversold condition to unwind. Moving average studies are in a bear-mode set-up and the recent break lower, maintains the downward price sequence of lower lows and lower highs. A resumption of weakness would open 1.2266, the Nov 14 2023 low. Resistance to watch is 1.2583, the 50-day EMA.