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Bullish Binge

GBPUSD TECHS
  • RES 4: 1.4377 2018 High and Major Resistance
  • RES 3: 1.4189 2.00 projection of the Jan 11 - 27 from the Feb 4 low
  • RES 2: 1.4167 76.4% 2016 - 2020 Sell-Off
  • RES 1: 1.4117 High Feb 23
  • PRICE: 1.4093 @ 16:59 GMT Feb 23
  • SUP 1: 1.3952 Low Feb 19
  • SUP 2: 1.3830 Low Feb 17
  • SUP 3: 1.3776 Low Feb and Key near-term support
  • SUP 4: 1.3737 Low Feb 9

The pair moved from strength to strength Tuesday, hitting new cycle and multi-year highs up at 1.4117, taking out all near-term resistance. This firms the bullish tone further, clearing the way for a move onward the 76.4% Fib of the 2016 - 2020 sell-off at 1.4167. Moving average studies are solidly in bull mode too. On the downside, key near-term support has been defined at 1.3830, Feb 17 low.

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

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