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Bearish Risk Remains Present

GBPUSD TECHS
  • RES 4: 1.3681/49 200-dma / High Jan 13 and a key resistance
  • RES 3: 1.3662 High Jan 20
  • RES 2: 1.3643/44 High Feb 18 / 10
  • RES 1: 1.3487 Low Feb 15
  • PRICE: 1.3396 @ 19:46 GMT Feb 24
  • SUP 1: 1.3273 Low Feb 24
  • SUP 2: 1.3240 Low Dec 22
  • SUP 3: 1.3174 Low Dec 20
  • SUP 4: 1.3163 Low Dec 8 and a key support

GBPUSD remained under pressure most of Thursday. A sharp sell-off saw the pair trade through support at 1.3487, Feb 15 low and 1.3358, the Jan 27 low and a key support. The focus is on 1.3301, a 76.4% retracement of the Dec 8 - Jan 13 rally that was also probed. Clearance of this level would strengthen the bearish case and open 1.3163, the Dec 8 low and a key support. Initial resistance is seen at 1.3487. The outlook remains bearish.

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