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(M2) Correction Extends


Late Session Rebound


(M2) Corrective Cycle Remains In Play


(M2) Gains Still Considered Corrective

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CABLE TECHS: Pulling Away From Key Resistance
*RES 4: 1.2849 High Mar 12
*RES 3: 1.2726 Low Feb 28
*RES 2: 1.2643/48 High Apr 13 /High Apr 14 and the bull trigger
*RES 1: 1.2516 High May 4
*PRICE: 1.2347 @ 16:36 BST May 6
*SUP 1: 1.2298 Low Apr 24
*SUP 2: 1.2248 Low Apr 21 and the bear trigger
*SUP 3: 1.2166 Low Apr 7 and a key support
*SUP 4: 1.2132 Low Mar 27
GBPUSD traded weaker still Wednesday. Attention has been on resistance at
1.2648, Apr 14 high. A break would confirm a resumption of the uptrend that has
been in place since Mar 20 and open 1.2726 initially, the Feb 28 low. However,
the pair is pulling away from 1.2648 leaving the resistance intact for now.
Further weakness would expose key support at 1.2248, Apr 21 low. A breach if
seen, would highlight a reversal. Next support is seen at 1.2298.

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