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Bearish Outlook

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: 1.2649 @ 16:12 GMT Mar 1
  • 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

A broader bear threat in GBPUSD remains present and the latest pullback reinforces this theme. A stronger 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 unchanged at 1.2775, the Jan 25 high and 1.2827, the Dec 28 high and key bull trigger.

MNI London Bureau | +44 203-865-3809 | edward.hardy@marketnews.com

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