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Remains Above Its Bear Trigger

GBPUSD TECHS
  • RES 4: 1.3355 High Mar 4
  • RES 3: 1.3298 High Mar 23 and a key resistance
  • RES 2: 1.3200 50-day EMA
  • RES 1: 1.3087/3147 20-day EMA / High Apr 14
  • PRICE: 1.3046 @ 15:54 BST Apr 20
  • SUP 1: 1.2974 Low Apr 13 and the bear trigger
  • SUP 2: 1.2954 1.764 proj of the Jan 13 - 27 - Feb 10 price swing
  • SUP 3: 1.2933 Low Nov 5 2020
  • SUP 4: 1.2855 Low Nov 2 2020 and a key support

GBPUSD recovered off Tuesday’s lows into the Wednesday close, but the recovery remains insufficient to reverse the recent weakness. The pair remains above support and bear trigger at 1.2974, Apr 13 low. The outlook is bearish though. Recent weakness means the pair failed to remain above the 20-day EMA - a bearish development. A break of 1.2974 would confirm a resumption of the downtrend and open 1.2933, the Nov 5 2020 low. Key short-term resistance is at 1.3147.

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