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Trading Closer To Recent Lows

GBPUSD TECHS
  • RES 4: 1.4105 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: 1.3950 High Apr 22
  • PRICE: 1.3869 @ 19:28 BST Apr 23
  • SUP 1: 1.3810 Low Apr 19 and key intraday support
  • 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

GBPUSD is trading closer to recent lows following the sell-off last week and the reversal from 1.4009, Apr 20 high. Gains earlier in the week also stalled at the former bull channel base, at 1.4006 drawn off the Nov 2, 2020 low. This suggests recent gains have been corrective in nature and Thursday's move lower signals scope for a deeper pullback. The focus is on 1.3810, Apr 19 low next. A break of 1.4009 is required to reinstate a bullish theme.

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