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Testing The Former Bull Channel Base

GBPUSD TECHS
  • RES 4: 1.4182 High Feb 25
  • RES 3: 1.4103 76.4% retracement of the Feb 24 - Apr 12 downleg
  • RES 2: 1.4064 2.0% 10-dma envelope
  • RES 1: 1.4017 High Mar 4
  • PRICE: 1.3941 @ 16:22 BST Apr 20
  • SUP 1: 1.3919 High Apr 6
  • SUP 2: 1.3810 Low Apr 19
  • SUP 3: 1.3717 Low Apr 16
  • SUP 4: 1.3670/69 Low Mar 25 / Low Apr 12 and key support

GBPUSD rallied Monday and held the bulk of the week's gains into the Tuesday close. The pair topped key resistance at 1.3919, Apr 6 high. This markedly strengthens the S/T bullish theme and exposes the former bull channel base drawn off the Nov 2, 2020 low. The line intersects at 1.4006 and is under pressure as Cable extends this week's rally. Note too resistance at 1.4017, Mar 4 high. A break of this 1.4006/17 zone would signal scope for a stronger climb. Support is at Monday's low of 1.3810.

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