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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: 1.3505 @ 16:13 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 traded under acute pressure mid-week 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.

MNI London Bureau | +44 203-865-3809 | edward.hardy@marketnews.com

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