IRAN: Sporadic Clashes Between Iran and US Vessels in SoH in Last Hour: Fars

• RES 4: 1.3597 61.8% retracement of the Jan 27 - Mar 31 bear leg    
• RES 3: 1.3575 High Feb 26
• RES 2: 1.3514 50.0% retracement of the Jan 27 - Mar 31 bear leg 
• RES 1: 1.3484 Intraday high   
• PRICE: 1.3456 @ 15:06 BST Apr 8
• SUP 1: 1.3287/3159 Intraday low / Low Mar 31 and the bear trigger
• SUP 2: 1.3125 Low Nov 26 ‘25
• SUP 3: 1.3038 Low Nov 20 ‘25 
• SUP 4: 1.3010 Low Nov 4 & 5 and a key M/T support

Today’s rally in GBPUSD strengthens a short-term bullish theme and highlights an extension of the current corrective phase. Note that moving average studies are in a bear-mode position, highlighting a dominant downtrend and this suggests that - for now - gains are corrective. A continuation higher opens 1.3514, a Fibonacci retracement ahead of 1.3479, the Mar 23 high. Key support lies at 1.3159, the Mar 31 low.

• PBS reporter posts an exchange with Trump on X. When asked about Lebanon still being hit, Trump says "they were not included in the deal". When asked why not, Trump replied: "Because of Hezbollah. They were not included in the deal. That'll get taken care of too. It's alright."
• Full post here.

• RES 4: 7035.00 High Feb 25    
• RES 3: 6963.00 High Mar 2  
• RES 2: 6921.09 76.4% retracement of the Jan 28 - Mar 31 bear leg  
• RES 1: 6873.25 High Mar 11       
• PRICE: 6812.50 @ 14:52 BST Apr 8
• SUP 1: 6650.67 20-day EMA   
• SUP 2: 6567.00/6503.75 Low Apr 6 and key S/T support / Low Apr 2 
• SUP 3: 6353.25 Low Mar 31 and key support 
• SUP 4: 6316.61 3.236 proj of the Feb 11 - 17 - 25 price swing

A strong rally in S&P E-Minis today highlights an extension of the reversal that started Mar 31. Note that trend signals remain bearish and for now, gains are considered corrective. A continuation higher would open 6921.09, a Fibonacci retracement point. Key medium-term resistance and the bull trigger is far off at 7096.50, the Jan 28 high. Initial firm support to watch lies at 6567.00, the Apr 6 low.