GBPUSD heavy at yearly resistance

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4 January 2021 | Updated: 4 January 2021

The GU is testing and rejecting a massive level in historic price action. The 1.3670-1.3680 is the lows of February 2018, level that after price broke to the downside the Pound went on a -16.80% move (-2300 pips) until it bounced from the 1.14 level back in March 2020.

Prime Minister Boris Johnson just commented on heavier measures being implemented:

UK PM JOHNSON SAYS WE HAVE A SURGING EPIDEMIC

UK PM JOHNSON SAYS: WE WILL HAVE TO TAKE TOUGHER MEASURES – SKY NEWS

The current move in the DXY has not influenced or triggered a rally here which points to heavy Pound selling at this level. Technically speaking short term bullish targets have been hit and it confluences with a 4th retest of the bullish structure whilst printing a major bearish divergence

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