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Key Short-Term Support Cleared

GBPUSD TECHS
  • RES 4: 1.3983/90 High Jul 30 / 61.8% of the Jun 1 - Jul 20 sell-off
  • RES 3: 1.3958 High Aug 4
  • RES 2: 1.3913 High Sep 14 and the intraday bull trigger
  • RES 1: 1.3799 20-day EMA
  • PRICE: 1.3707 @ 06:15 BST Sep 20
  • SUP 1: 1.3680 Low Aug 27
  • SUP 2: 1.3602 Low Aug 20
  • SUP 3: 1.3572 Low Jul 20 and the bear trigger
  • SUP 4: 1.3520 Low Jan 18

GBPUSD weakened Friday and has started this week's session on a soft note. The pair has traded below an important short-term support at 1.3727, Sep 8 low, signalling scope for an extension lower. The sell-off has opened 1.3680, Aug 27 low and a deeper retracement would expose the important 1.3602/3572 support zone. On the upside, initial resistance is seen at 1.3799, the 20-day EMA.

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