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Under Pressure

GBPUSD TECHS
  • RES 4: 1.3958 High Aug 4
  • RES 3: 1.3913 High Sep 14 and a key resistance
  • RES 2: 1.3695/3765 20-day EMA / 50-day EMA
  • RES 1: 1.3572/3602 Low Jul 20 / Low Aug 20
  • PRICE: 1.3449 @ 06:14 BST Sep 30
  • SUP 1: 1.3412 Low Sep 29
  • SUP 2: 1.3380 2.0% 10-dma envelope
  • SUP 3: 1.3354 Low Dec 23, 2020
  • SUP 4: 1.3277 61.8% retracement of the Sep '20 - Jan bull phase

GBPUSD remained under acute pressure again Wednesday following Tuesday's break lower and the breach of a number of key supports. The triangle base at 1.3637, drawn from the Jul 20 low has been cleared, and the pair has fallen through 1.3462, 50.0% of the Sep '20 - Jan bull phase. This opens losses toward levels not seen since late December last year, with 1.3354 the next target. Initial resistance is seen at 1.3572, Jul 20 low.

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