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GBP/USD - Stalking Bearish Correction and Monitoring Support

The GBP/USD is retreating from the last week's high at 1.6817 after failing to break the 2014-high at 1.6820. It is starting the 4/14 US session trading down and breaking a pivot at 1.6715.


(gbpusd 4h chart, 4/14)

The next support factors appear in the 1.6663-1.6683 area, which contains previous resistance pivots, the 38.2% retracement level, and the 200-4H simple moving average.

Anticipate support also if the stochastic is around or under 20, while the RSI is around 40. If the market is bullish, the RSI should hold above 40. Otherwise, we might still be in consolidation mode, which started in February after the market established the 2014-high at 1.6820.