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Falters At Key Resistance

GBPUSD TECHS
  • RES 4: 1.4451 2.0% 10-dma envelope
  • RES 3: 1.4377 High Apr 17, 2018 and a key resistance
  • RES 2: 1.4315 High Apr 18, 2018
  • RES 1: 1.4248 High Jun 1
  • PRICE: 1.4174 @ 16:10 BST Jun 1
  • SUP 1: 1.4092 Low May 27 and key short-term support
  • SUP 2: 1.4006/3972 Low May 13 / Low May 10
  • SUP 3: 1.3989 50-day EMA
  • SUP 4: 1.3858 Low May 6

GBPUSD edged higher in early Asia before sinking throughout European hours to close lower. The move comes after the failed test on key resistance at 1.4237, Feb 24 high and the bull trigger. The outlook remains bullish for now and a clear breach of this hurdle would confirm a resumption of the broader uptrend that started March 2020. This would open 1.4315, April 18, 2018 high. On the downside, initial firm support is at 1.4092, May 27 low where a break would suggest scope for a deeper corrective pullback.

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