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Attention Is On The Channel Base

GBPUSD TECHS
  • RES 4: 1.4205 Bull channel top drawn off the Nov 2, 2020 low
  • RES 3: 1.4182 High Feb 25
  • RES 2: 1.4062 61.8% retracement of the Feb 24 - Mar 5 low
  • RES 1: 1.4017 High Mar 4 and key near-term resistance
  • PRICE: 1.3873 @ 05:54 GMT Mar 16
  • SUP 1: 1.3793/79 50-day EMA / Low Mar 8
  • SUP 2: 1.3768 Bull channel drawn off the Nov 2, 2020 low
  • SUP 3: 1.3663 Low Feb 5
  • SUP 4: 1.3567 Low Feb 4

Friday's sell-off in GBPUSD suggests the end of the recent corrective bounce. The short-term outlook is bearish following the sell-off between Feb 24 - Mar 5. An extension lower would open 1.3779, Mar 5 low ahead of a key bull channel support that intersects at 1.3768 today. The channel is drawn off the Nov 2, 2020 low and a break would represent an important short-term reversal. Firm resistance remains 1.4017, Mar 4 high.

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