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Through 1.4000

GBPUSD TECHS
  • RES 4: 1.4315 High Apr 18, 218
  • RES 3: 1.4237 High Feb 24 and a key resistance
  • RES 2: 1.4187 2.0% 10-dma envelope
  • RES 1: 1.4103 76.4% retracement of the Feb 24 - Apr 12 downleg
  • PRICE: 1.4046 @ 06:19 BST May 10
  • SUP 1: 1.3972 Intraday low
  • SUP 2: 1.3858 Low May 6
  • SUP 3: 1.3801 Low May 3
  • SUP 4: 1.3717 Low Apr 16

GBPUSD benefited from broad USD weakness Friday, and has extended gains today to confirm a break of the 1.4000 handle. The move higher negates the recent bearish focus and resumes a bullish theme with attention turning to 1.4103, a Fibonacci retracement. Moving average signals also point north and this reinforces a bullish outlook. On the downside, initial firm support is seen at 1.3858, May 6 low.

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