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  • RES 4: 1.4017 High Mar 4
  • RES 3: 1.3959 High Mar 19
  • RES 2: 1.3953 50% Retracement Feb - Mar Downleg
  • RES 1: 1.3916 Intraday high
  • PRICE: 1.3908 @ 06:07 GMT Apr 6
  • SUP 1: 1.3804 50-day EMA
  • 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 started the week on a firmer note as the pair extended its recovery from the Mar 25 low. Price has breached a short-term trendline resistance drawn off the Feb 25 low and is currently testing resistance defined by a bull channel base from the Nov 2, 2020 low. The bull channel base was cleared Mar 23 and intersects at 1.3911 today. A clear break would open a recovery toward 1.4017, Mar 4 high. Initial support lies at 1.3804, the 50-day EMA.

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