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Remains Below Resistance

GBPUSD TECHS
  • RES 4: 1.3959 High Mar 19
  • RES 3: 1.3953 50% Retracement Feb - Mar Downleg
  • RES 2: 1.3919/30 High Apr 6 / Former channel bull channel base
  • RES 1: 1.3840 High Apr 7
  • PRICE: 1.3729@ 06:11 GMT Apr 9
  • SUP 1: 1.3719 Low Apr 8
  • 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 is consolidating. The pair found resistance this week at 1.3919, on Apr 6. The failure at recent highs highlights the importance of resistance relating to the former bull channel drawn off the Nov 2, 2020 low - the channel base was cleared Mar 23. The base intersects at 1.3940 and a strong break higher is required to strengthen a bullish argument. Key support and the bear trigger is 1.3670, Mar 25 low.

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