Bear Threat Remains Present

• 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: 1.2709 High Feb 22
• PRICE: 1.2674 @ 16:33 GMT Feb 23
• SUP 1: 1.2519 Low Feb 5 and the bear trigger
• SUP 2: 1.2500 Low Dec 13
• SUP 3: 1.2432 50.0% retracement of the Oct 4 - Dec 28 bull phase
• SUP 4: 1.2374 Low Nov 17

A bear threat in GBPUSD remains present, with the weakness off the Thursday high putting the pair back into negative territory. Initial resistance is at 1.2684, the Feb 13 high, has given way - but strength looks corrective below 1.2827, the Dec 28 high and bull trigger. Any continuation lower would open 1.2519, the Feb 5 low where a break would confirm a resumption of the current bear cycle. Recently, the pair breached 1.2597, the Jan 17 low, to confirm a range breakout, paving the way for a move towards 1.2500, the Dec 13 low.