April 25, 2024 05:02 GMT
Gains Considered Corrective
GBPUSD TECHS
- RES 4: 1.2803 High Mar 21
- RES 3: 1.2709 High Apr 09
- RES 2: 1.2512/1.2586 20-and 50-day EMA values
- RES 1: 1.2485 High Apr 18
- PRICE: 1.2467 @ 06:01 BST Apr 25
- SUP 1: 1.2300 Low Apr 22
- 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 this week’s recovery appears to be a correction and the move higher is allowing an oversold trend 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. Sights are on 1.2266, the Nov 14 2023 low. Initial firm resistance is seen at 1.2512, the 20-day EMA.
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