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USDJPY TECHS

Bullish Focus

US

Is CPI Inflation About to Decelerate?

EURGBP TECHS

Breaches Support

GBPUSD TECHS

Remains Under Pressure

EURUSD TECHS

Bear Cycle Extension

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  • RES 4: 1.4315 High Apr 18, 218
  • RES 3: 1.4237 High Feb 24 and a key resistance
  • RES 2: 1.4187 2.0% 10-dma envelope
  • RES 1: 1.4158 High May 10
  • PRICE: 1.4141 @ 16:16 BST May 11
  • SUP 1: 1.3972 Low May 10
  • SUP 2: 1.3858 Low May 6
  • SUP 3: 1.3801 Low May 3
  • SUP 4: 1.3746 Bull channel base drawn off the May 2020 low

GBPUSD rallied sharply higher Monday and held the gains into the Tuesday close. The pair has cleared a number of resistance levels reinforcing current bullish conditions with sights set on the key resistance at 1.4237, Feb 24 high. A break of 1.4237 would strengthen a bullish case and importantly confirm a resumption of the broader uptrend that started in March 2020. On the downside, initial support is at Monday's intraday low of 1.3972.