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Approaching Key Resistance

GBPUSD TECHS
  • RES 4: 1.2496 2.0% 10-dma envelope
  • RES 3: 1.2448 High Jan 23 and a key medium-term resistance
  • RES 2: 1.2401 High Feb 2
  • RES 1: 1.2362 High Mar 29
  • PRICE: 1.2317 @ 06:31 BST Mar 30
  • SUP 1: 1.2191 Low Mar 24
  • SUP 2: 1.2184 20-day EMA
  • SUP 3: 1.2130 50-day EMA
  • SUP 4: 1.2011 Low Mar 15

GBPUSD maintains a bullish tone for now. The pair has recently cleared a number of resistance points, strengthening a short-term bullish condition. Sights are on resistance at 1.2401, the Feb 2 high and 1.2448, the Jan 23 high. The latter is a key medium-term hurdle for bulls. On the downside, initial firm support lies at 1.2191, the Mar 24 low, ahead of 1.2184, the 20-day EMA. A clear break of the EMA would be a bearish development.

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