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Tops Key Short-Term Resistance

GBPUSD TECHS
  • RES 4: 1.4063 2.0% 10-dma envelope
  • RES 3: 1.4017 High Mar 4
  • RES 2: 1.3997 Former bull channel base
  • RES 1: 1.3993 High Apr 19
  • PRICE: 1.3984 @ 16:49 BST Apr 19
  • SUP 1: 1.3810 Intraday low
  • SUP 2: 1.3717 Low Apr 16
  • SUP 3: 1.3670/69 Low Mar 25 / Low Apr 12
  • SUP 4: 1.3663 Low Low Feb 5

GBPUSD traded well Monday, with the USD under pressure. The pair topped resistance at 1.3919, Apr 6 high. This markedly strengthens the short-term bullish theme and signals scope for gains towards 1.3997, a former bull channel base drawn off the Nov 2, 2020 low. The bear trigger is unchanged at the 1.3670 level. A clean break of this support would resume the recent downtrend. Initial support is at 1.3810.

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