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Expiries for Apr13 NY cut 1000ET (Source DTCC)

GERMAN DATA

ZEW Expectations Sentiment Fell in April

FOREX

Markets Await CPI, Fedspeak

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  • RES 4: 1.4017 High Mar 4 and key resistance
  • RES 3: 1.3959 High Mar 19
  • RES 2: 1.3953 50% Retracement Feb - Mar Downleg
  • RES 1: 1.3919/30 High Apr 6 / Former channel bull channel base
  • PRICE: 1.3756 @ 05:51 GMT Apr 8
  • SUP 1: 1.3725 Low Apr 7
  • SUP 2: 1.3706 Low Mar 30
  • SUP 3: 1.3670/63 Low Mar 25 / Low Feb 5
  • SUP 4: 1.3641 38.2% retracement of the Sep 23 - Feb 24 bull cycle

GBPUSD Tuesday found resistance just above the 1.3900 handle and yesterday extended the pullback from the 1.1919 high. The failure at recent highs highlights the importance of resistance relating to the former bull channel drawn off the Nov 2, 2020 low - the bull channel base was cleared Mar 23. The base intersects at 1.3930 and a strong break higher is required to strengthen a bullish argument. Key support and bear trigger is 1.3670.