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Bear Threat Remains Present

GBPUSD TECHS
  • RES 4: 1.2244 61.8% retracement of the Jan 23 - Feb 17 bear leg
  • RES 3: 1.2182 High Feb 15
  • RES 2: 1.2147 High Feb 21 and a key short-term resistance
  • RES 1: 1.2064 20-day EMA
  • PRICE: 1.2035 @ 16:14 GMT Mar 6
  • SUP 1: 1.1915 Low Feb 17 and key short-term support
  • SUP 2: 1.1842 Low Jan 6 and a reversal trigger
  • SUP 3: 1.1785 2.0% 10-dma envelope
  • SUP 4: 1.1764 Low Nov 17

The GBPUSD trend condition is bearish and nearby resistance remains intact. Support to watch is 1.1915, the Feb 17 low. A break would confirm a resumption of the bear leg and expose key support at 1.1842, the Jan 6 low. Clearance of this key price point would highlight a broader medium-term reversal threat and a potential double top pattern on the daily chart. Key short-term resistance is unchanged at 1.2147, Feb 21 high.

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