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Trading Near Its Recent Lows

GBPUSD TECHS
  • RES 4: 1.2877 High Apr 25
  • RES 3: 1.2772 High Apr 26
  • RES 2: 1.2638 High May 4 and a key resistance
  • RES 1: 1.2406 High May 9
  • PRICE: 1.2320 @ 16:53 BST May 11
  • SUP 1: 1.2252 Low Jun 29 2020
  • SUP 2: 1.2200 Round number support
  • SUP 3: 1.2162 Low May 22 2020
  • SUP 4: 1.2081 76.4% retracement of the Mar ‘20 - Jun ‘21 uptrend

GBPUSD is unchanged and is still trading closer to its recent lows. The outlook remains bearish. The recent breach of 1.2412, Apr 28 low, confirmed a bear flag breakout on the daily frequency and a resumption of the downtrend. The break lower signals scope for weakness towards 1.2252 next, the Jun 29 2020 low. Key short-term resistance is unchanged at 1.2638, the May 4 high. A break would signal a possible base.

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  • RES 4: 1.2877 High Apr 25
  • RES 3: 1.2772 High Apr 26
  • RES 2: 1.2638 High May 4 and a key resistance
  • RES 1: 1.2406 High May 9
  • PRICE: 1.2320 @ 16:53 BST May 11
  • SUP 1: 1.2252 Low Jun 29 2020
  • SUP 2: 1.2200 Round number support
  • SUP 3: 1.2162 Low May 22 2020
  • SUP 4: 1.2081 76.4% retracement of the Mar ‘20 - Jun ‘21 uptrend

GBPUSD is unchanged and is still trading closer to its recent lows. The outlook remains bearish. The recent breach of 1.2412, Apr 28 low, confirmed a bear flag breakout on the daily frequency and a resumption of the downtrend. The break lower signals scope for weakness towards 1.2252 next, the Jun 29 2020 low. Key short-term resistance is unchanged at 1.2638, the May 4 high. A break would signal a possible base.