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In this series we scale-back and take a look at the broader technical picture to gain a bit more perspective on where price is trading with respect to trend. Here are the key technical levels that matter on the weekly charts heading into the May open.

GBP/USD Weekly Chart

GBP/USD Price Chart- Weekly Timeframe

Notes: The British Pound[1] posted an outside-weekly reversal candle[2] off the yearly highs this month with the decline now taking prices towards a critical support confluence at 1.3675-1.3737 – a region defined by the 23.6% retracement of the 2017 advance, the 2016 high-week close (Brexit), and the lower median-line parallel of the longer-term pitchfork formation we’ve been tracking since last year. A weekly close below this threshold would invalidate the broader uptrend in cable with such a scenario targeting the 2017 high-week close at 1.3494.

Bottom line: It’s make-or-break here for the British Pound with the immediate short-bias at risk here while above key longer-term uptrend support. A weekly close below would suggest a larger-scale pullback is underway with such a scenario targeting the 2017 high-week close at 1.3494 backed by the 52-week moving average at ~1.3400.

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AUD/USD Weekly Chart

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Notes: The Australian Dollar[4] crashed through long-term confluence support last week at 7635 and leaves the near-term risk lower in price while below this threshold. Subsequent support objectives are eye at the median-line / 50% retracement of the 2016 advance at 7480-7500. Broader bearish invalidation stands with the upper parallel / yearly open at 7801.

Bottom line:

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currensceneFLOGO WHTsquareThough not the oldest form of currency, some form of shell money appears to have been found on almost every continent. The shell most widely used worldwide as currency was the shell of Cypraea moneta, the money cowry.

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