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Approaching Key Support

GBPUSD TECHS
  • RES 4: 1.3486 50-day EMA
  • RES 3: 1.3430 20-day EMA
  • RES 2: 1.3358 Low Jan 27
  • RES 1: 1.3259 Intraday high
  • PRICE: 1.3217 @ 06:42 GMT Mar 7
  • SUP 1: 1.3174 Low Dec 20
  • SUP 2: 1.3163 Low Dec 8 and a key support
  • SUP 3: 1.3156 2.0% 10-dma envelope
  • SUP 4: 1.3104 1.382 proj of the Jan 13 - 27 - Feb 10 price swing

GBPUSD is bearish. The pair traded lower Friday, slipping to new YTD lows, reinforcing the current bearish theme. Moving average studies have shifted back to a bear mode condition suggesting potential for an extension lower over the medium-term time horizon. Attention is on 1.3163, the Dec 8 and this level also represents a key support and bear trigger. Initial resistance is seen at 1.3358, the Jan 27 low.

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