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Watching Resistance

GBPUSD TECHS
  • RES 4: 1.2803 High Mar 21
  • RES 3: 1.2759 61.8% retracement of the Mar 8 - Apr 1 bear leg
  • RES 2: 1.2717 50.0% retracement of the Mar 8 - Apr 1 bear leg
  • RES 1: 1.2684 Intraday high
  • PRICE: 1.2672 @ 14:59 GMT Apr 4
  • SUP 1: 1.2540 Low Apr 1 / 2
  • SUP 2: 1.2519 Low Feb 5 and the bear trigger
  • SUP 3: 1.2465 50.0% retracement of the Oct 4 - Mar 8 bull leg
  • SUP 4: 1.2446 Low Nov 20 ‘23

A bearish threat in GBPUSD remains present despite Wednesday’s bump higher and today’s gains. Resistance to watch is 1.2666, the 50-day EMA. It has been pierced, a clear break of this EMA would improve S/T conditions and signal scope for stronger recovery. For bears, recent weakness has exposed 1.2519, Feb 5 low and key support. Clearance of this level would strengthen the bearish theme and open 1.2465, a Fibonacci retracement.

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  • RES 4: 1.2803 High Mar 21
  • RES 3: 1.2759 61.8% retracement of the Mar 8 - Apr 1 bear leg
  • RES 2: 1.2717 50.0% retracement of the Mar 8 - Apr 1 bear leg
  • RES 1: 1.2684 Intraday high
  • PRICE: 1.2672 @ 14:59 GMT Apr 4
  • SUP 1: 1.2540 Low Apr 1 / 2
  • SUP 2: 1.2519 Low Feb 5 and the bear trigger
  • SUP 3: 1.2465 50.0% retracement of the Oct 4 - Mar 8 bull leg
  • SUP 4: 1.2446 Low Nov 20 ‘23

A bearish threat in GBPUSD remains present despite Wednesday’s bump higher and today’s gains. Resistance to watch is 1.2666, the 50-day EMA. It has been pierced, a clear break of this EMA would improve S/T conditions and signal scope for stronger recovery. For bears, recent weakness has exposed 1.2519, Feb 5 low and key support. Clearance of this level would strengthen the bearish theme and open 1.2465, a Fibonacci retracement.