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Remains Below The Former Bull Channel

GBPUSD TECHS
  • RES 4: 1.3959 High Mar 19
  • RES 3: 1.3877 High Mar 22
  • RES 2: 1.3873 Former bull channel base drawn off the Nov 2 low
  • RES 1: 1.3809 High Mar 31
  • PRICE: 1.3778 @ 16:29 GMT Mar 31
  • SUP 1: 1.3670/63 Low Mar 25 / Low Feb 5
  • SUP 2: 1.3641 38.2% retracement of the Sep 23 - Feb 24 bull cycle
  • SUP 3: 1.3567 Low Feb 4
  • SUP 4: 1.3520 Low Jan 18

GBPUSD traded lower Tuesday and maintains a bearish tone. Last week, the pair cleared its bull channel base from the Nov 2, 2020 low. Furthermore, price also traded through the 50-day EMA and a former key support at 1.3779, Mar 5 low, triggering an important short-term reversal. The focus is on 1.3663 next, Feb 5 low. On the upside, the former channel base at 1.3873 provides an initial firm resistance.

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