February 29, 2024 18:30 GMT
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: 1.2640 @ 16:37 GMT Feb 29
- 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 levels to watch are 1.2775, the Jan 25 high and 1.2827, the Dec 28 high and key bull trigger.
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