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Bearish Threat Remains Present

GBPUSD TECHS
  • RES 4: 1.3439 High Feb 25
  • RES 3: 1.3398 61.8% retracement of the Feb 10 - Mar 15 downleg
  • RES 2: 1.3299 50-day EMA
  • RES 1: 1.3225/98 High Mar 25 and 23
  • PRICE: 1.3109 @ 16:24 GMT Apr 1
  • SUP 1: 1.3051/3000 Low Mar 29 / Low Mar 15 and the bear trigger
  • SUP 2: 1.2954 1.764 proj of the Jan 13 - 27 - Feb 10 price swing
  • SUP 3: 1.2933 Low Nov 5 2020
  • SUP 4: 1.2855 Low Nov 2 2020 and a key support

GBPUSD is unchanged and trend conditions remain bearish. The reversal from 1.3298, Mar 23 high reinforces a bearish theme. Cable has also recently failed to remain above a number of short-term resistance points and the pullback means a key resistance at 1.3299, the 50-day EMA, is intact. The focus is on 1.3000, Mar 15 low and a bear trigger. Clearance of the 50-day EMA would highlight a short-term reversal.

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  • RES 4: 1.3439 High Feb 25
  • RES 3: 1.3398 61.8% retracement of the Feb 10 - Mar 15 downleg
  • RES 2: 1.3299 50-day EMA
  • RES 1: 1.3225/98 High Mar 25 and 23
  • PRICE: 1.3109 @ 16:24 GMT Apr 1
  • SUP 1: 1.3051/3000 Low Mar 29 / Low Mar 15 and the bear trigger
  • SUP 2: 1.2954 1.764 proj of the Jan 13 - 27 - Feb 10 price swing
  • SUP 3: 1.2933 Low Nov 5 2020
  • SUP 4: 1.2855 Low Nov 2 2020 and a key support

GBPUSD is unchanged and trend conditions remain bearish. The reversal from 1.3298, Mar 23 high reinforces a bearish theme. Cable has also recently failed to remain above a number of short-term resistance points and the pullback means a key resistance at 1.3299, the 50-day EMA, is intact. The focus is on 1.3000, Mar 15 low and a bear trigger. Clearance of the 50-day EMA would highlight a short-term reversal.