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Former Bull Channel Base Remains Intact

GBPUSD TECHS
  • RES 4: 1.4182 High Feb 25
  • RES 3: 1.4103 76.4% retracement of the Feb 24 - Apr 12 downleg
  • RES 2: 1.4095 2.0% 10-dma envelope
  • RES 1: 1.4009/17 High Apr 20 / High Mar 4
  • PRICE: 1.3928 @ 06:09 BST Apr 22
  • SUP 1: 1.3886/10 Low Aspr 21 / 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 rallied Monday and cleared resistance at 1.3919, Apr 6 high. This strengthened the S/T bullish theme and exposed the former bull channel base drawn off the Nov 2, 2020 low. The line however has so far capped recent gains - Tuesday's high was 1.4009. A break of 1.4009 is required to confirm a resumption of recent strength and open 1.4103, a retracement level. Watch support at 1.3810, Apr 19 low, a break would be bearish.

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