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Sights Are On The Bear Trigger

GBPUSD TECHS
  • RES 4: 1.2659 50-day EMA
  • RES 3: 1.2599 High Jun 7
  • RES 2: 1.2517 20-day EMA
  • RES 1: 1.2431 Low Jun 7
  • PRICE: 1.2300 @ 06:31 BST Jun 13
  • SUP 1: 1.2262 Intraday low
  • SUP 2: 1.2156 Low May 13 and the bear trigger
  • SUP 3: 1.2081 76.4% retracement of the Mar ‘21 - Jan ‘21 bull cycle
  • SUP 4: 1.2000 Psychological round number

GBPUSD downside accelerated Friday and the move lower highlights a clear reversal of the bull cycle between May 13 - 27. A number of short-term support levels have been cleared signalling potential for weakness towards key support and the bear trigger at 1.2156, the May 13 low. A break of this level would confirm a resumption of the broader downtrend. On the upside, initial resistance is seen at 1.2517, the 20-day EMA.

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