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Extends This Week's Reversal Lower

GBPUSD TECHS
  • RES 4: 1.4103 76.4% retracement of the Feb 24 - Apr 12 downleg
  • RES 3: 1.4095 2.0% 10-dma envelope
  • RES 2: 1.4009/17 High Apr 20 / High Mar 4
  • RES 1: 1.3950 Intraday high
  • PRICE: 1.830 @ 19:28 BST Apr 22
  • SUP 1: 1.3810 Low Apr 19 and key intraday support
  • SUP 2: 1.3717 Low Apr 16
  • SUP 3: 1.3670/69 Low Mar 25 / Low Apr 12 and key support
  • SUP 4: 1.3567 Low Apr 2

GBPUSD faced strong selling pressure Thursday extending this week's reversal from 1.4009, Apr 20 high. Gains earlier this week stalled at the former bull channel base (1.4006), drawn off the Nov 2, 2020 low. This suggests recent gains have been corrective in nature and Thursday move lower signals scope for a deeper pullback. The focus is on 1.3810, Apr 19 low next. A break of 1.4009 is required to reinstate a bullish theme.

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