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Bearish Short-Term Outlook

GBPUSD TECHS
  • RES 4: 1.2996 High Jul 27 2023
  • RES 3: 1.2946 2.00 projection of the Feb 14 - 22 - Mar 1 price swing
  • RES 2: 1.2894 High Mar 8 and the bull trigger
  • RES 1: 1.2693/2803 20-day EMA / High Mar 21
  • PRICE: 1.2629 @ 06:10 GMT Mar 28
  • SUP 1: 1.2575 Low Mar 22
  • SUP 2: 1.2536 Low Feb 14
  • SUP 3: 1.2519 Low Feb 5 and the bear trigger
  • SUP 4: 1.2465, 50.0% retracement of the Oct 4 - Mar 8 bull leg

A bearish threat in GBPUSD remains present and the pair is consolidating closer to its recent lows. 1.2600, the Mar 1 low, has been breached and this paves the way for a move towards 1.2536, the Feb 14 low and 1.2519, the Feb 5 low and a key support. Moving average studies continue to highlight an uptrend. A break of 1.2803, the Mar 21 high, is required to ease bearish pressure. First resistance is 1.2693, the 20-day EMA.

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