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Bear Threat Remains Present

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: 1.2709 High Feb 22
  • PRICE: 1.2661 @ 06:05 GMT Feb 28
  • SUP 1: 1.2580 Low Feb 20
  • 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

Despite holding on to its recent gains, a broader bear threat in GBPUSD remains present and the recent climb appears to be a correction - for now. A reversal lower would refocus attention on key support and the bear trigger at 1.2519, the Feb 5 low. Clearance of this level would open 1.2500, the Dec 13 low, and 1.2432, a Fibonacci retracement. For bulls resistance to watch is 1.2775, Jan 25 high, ahead of 1.2827, the Dec 28 high and key bull trigger.

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