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Approaching A Key Short-Term Support Zone

GBPUSD TECHS
  • RES 4: 1.3045 High Jul 19 2023
  • RES 3: 1.2996 High Jul 27 2023
  • RES 2: 1.2946 2.00 projection of the Feb 14 - 22 - Mar 1 price swing
  • RES 1: 1.2823/2894 High Mar 14 / 8 and the bull trigger
  • PRICE: 1.2737 @ 15:47 GMT Mar 15
  • SUP 1: 1.2725 20-day EMA
  • SUP 2: 1.2680 50-day EMA
  • SUP 3: 1.2600 Low Mar 1
  • SUP 4: 1.2519 Low Feb 5 and the bear trigger

The trend condition in GBPUSD remains bullish and this week’s move lower is considered corrective - for now. Initial support lies at 1.2725, the 20-day EMA with the 50-day average at 1.2680. A clear break of this support zone would threaten the bullish theme and signal scope for a deeper retracement. Key resistance is at 1.2894, the Mar 8 high. A break of this hurdle would resume the uptrend and open 1.2946, a Fibonacci projection.

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