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Free AccessTakes Out First Support
- RES 4: 1.4171 2.0% 10-dma envelope
- RES 3: 1.4103 76.4% retracement of the Feb 24 - Apr 12 downleg
- RES 2: 1.4009/17 High Apr 20 / High Mar 4
- RES 1: 1.3977 High Apr 29
- PRICE: 1.3835 @ 17:03 BST Apr 30
- SUP 1: 1.3807 Low Apr 30
- SUP 2: 1.3717 Low Apr 16
- SUP 3: 1.3670/69 Low Mar 25 / Low Apr 12 and key support
- SUP 4: 1.3567 Low Apr 2
Despite holding its ground across the week, GBPUSD edged lower into the Friday close, opening a sizeable gap with recent highs of 1.4009. This marks the Apr 20 high and the recent pullback from this resistance still highlights a bearish threat. Cable needs to clear 1.4009 to offset these concerns. A break higher would reinstate a bullish theme and open 1.4103, a Fibonacci retracement. Short-term support at 1.3824, Apr 22 low gave way, raising the likelihood of a show below the handle.
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Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.