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Approaching Support At The 20-Day EMA

GBPUSD TECHS
  • RES 4: 1.2401 High Feb 2
  • RES 3: 1.2296 76.4% retracement of the Jan 23 - Mar 8 bear leg
  • RES 2: 1.2269 High Feb 14
  • RES 1: 1.2204 High Mar 14
  • PRICE: 1.2069 @ 10:53 GMT Mar 15
  • SUP 1: 1.2041 20-day EMA values
  • SUP 2: 1.1908 Low Mar10
  • SUP 3: 1.1804 Low Mar 8 and the bear trigger
  • SUP 4: 1.1761 2.0% 10-dma envelope

GBPUSD is pulling back from yesterday’s high of 1.2204. Attention turns to key short-term support at 1.2041, the 20-day EMA. A break of this level would threaten the recent bull cycle and represent a bearish development plus signal a top. This would potentially expose the key support at 1.1804, the Mar 8 low and bear trigger. Key short-term resistance has been defined at 1.2204, yesterday’s high, where a break is required to reinstate a bullish theme.

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