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Approaching Resistance

GBPUSD TECHS
  • RES 4: 1.2881 76.4% retracement of the Jul 14 - Oct 4 bear leg
  • RES 3: 1.2827 High Dec 28 and the bull trigger
  • RES 2: 1.2775 High Jan 24
  • RES 1: 1.2761 High Mar 06
  • PRICE: 1.2733 @ 06:06 GMT Mar 7
  • SUP 1: 1.2663/00 20-day EMA / Low Mar 1
  • SUP 2: 1.2519 Low Feb 5 and the bear trigger
  • SUP 3: 1.2500 Low Dec 13
  • SUP 4: 1.2432 50.0% retracement of the Oct 4 - Dec 28 bull phase

GBPUSD traded higher again Wednesday and is building on recent gains. Resistance at 1.2775, the Jan 24 high, has been exposed. A clear break would signal scope for a climb towards the key resistance and bull trigger at 1.2827, the Dec 28 high. For bears, a reversal lower and a breach of 1.2600, the Mar 1 low, is required to once again highlight a bearish threat. This would open the bear trigger at 1.2519, the Feb 5 low.

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  • RES 4: 1.2881 76.4% retracement of the Jul 14 - Oct 4 bear leg
  • RES 3: 1.2827 High Dec 28 and the bull trigger
  • RES 2: 1.2775 High Jan 24
  • RES 1: 1.2761 High Mar 06
  • PRICE: 1.2733 @ 06:06 GMT Mar 7
  • SUP 1: 1.2663/00 20-day EMA / Low Mar 1
  • SUP 2: 1.2519 Low Feb 5 and the bear trigger
  • SUP 3: 1.2500 Low Dec 13
  • SUP 4: 1.2432 50.0% retracement of the Oct 4 - Dec 28 bull phase

GBPUSD traded higher again Wednesday and is building on recent gains. Resistance at 1.2775, the Jan 24 high, has been exposed. A clear break would signal scope for a climb towards the key resistance and bull trigger at 1.2827, the Dec 28 high. For bears, a reversal lower and a breach of 1.2600, the Mar 1 low, is required to once again highlight a bearish threat. This would open the bear trigger at 1.2519, the Feb 5 low.