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Pulls Back From Last Week’s Highs

  • RES 4: 1.2558 High Jun 9 2022
  • RES 3: 1.2524 2.0% 10-dma envelope
  • RES 2: 1.2448 High Jan 23 and a key medium-term resistance
  • RES 1: 1.2342/2423 Intraday high / High Mar 31
  • PRICE: 1.2280 @ 06:02 BST Apr 3
  • SUP 1: 1.2216 20-day EMA
  • SUP 2: 1.2191 Low Mar 24
  • SUP 3: 1.2147 50-day EMA
  • SUP 4: 1.2011 Low Mar 15

GBPUSD is trading lower today as the pair pulls back from last week’s highs. The move lower is considered corrective - for now - and support to watch lies at 1.2216, the 20-day EMA. A clear break of this average would signal scope for a deeper pullback. Recent gains have exposed resistance at 1.2448, the Jan 23 high and a key medium-term hurdle for bulls. A break would highlight a 3 months range breakout and strengthen bullish conditions.

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