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Late Equity Roundup: Mildly Lower on Week


Remains Above The 50-Day EMA

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Bearish Theme

  • RES 4: 1.4005 High Mar 12 and a key resistance
  • RES 3: 1.3959 High Mar 19
  • RES 2: 1.3877 High Mar 22
  • RES 1: 1.3854 Former bull channel base drawn off the Nov 2 low
  • PRICE: 1.3769 @ 06:15 GMT Mar 29
  • SUP 1: 1.3663 Low Feb 5
  • SUP 2: 1.3641 38.2% retracement of the Sep 23 - Feb 24 bull cycle
  • SUP 3: 1.3567 Low Feb 4
  • SUP 4: 1.3520 Low Jan 18

GBPUSD maintains a bearish tone despite the recovery late last week. Cable has cleared its bull channel base from the Nov 2, 2020 low. Furthermore, price also traded through the 50-day EMA and a former key support at 1.3779, Mar 5 low, triggering an important short-term reversal. The focus is on 1.3663 next, Feb 5 low. On the upside, the former channel base at 1.3844, provides an initial firm resistance.

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