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Bearish Threat Still Present

GBPUSD TECHS
  • RES 4: 1.3670/49 200-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 and a recent breakout level
  • PRICE: 1.3308 @ 17:10 GMT Mar 1
  • SUP 1: 1.3273 Low Feb 24 and the bear trigger
  • 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 continues to trade above recent lows. A bearish threat remains intact following the move lower on Jan 24 and attention is on last week’s low of 1.3273. Recent weakness has resulted in a breach of key support at 1.3358, the Jan 27 low. 1.3301, 76.4% of the Dec 8 - Jan 13 rally has also been probed. A clear break would strengthen bearish pressure and open 1.3163, Dec 8 low and a key support. Initial firm resistance is seen at 1.3487.

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

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