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Bullish Outlook

GBPUSD TECHS
  • RES 4: 1.2401 High Feb 2
  • RES 3: 1.2296 76.4% retracement of the Jan 23 - Mar 8 bear leg
  • RES 2: 1.2269 High Feb 14
  • RES 1: 1.2204 High Mar 14
  • PRICE: 1.2157 @ 05:47 GMT Mar 15
  • SUP 1: 1.2067/2041 50- and 20-day EMA values
  • SUP 2: 1.1908 Low Mar10
  • SUP 3: 1.1804 Low Mar 8 and the bear trigger
  • SUP 4: 1.1761 2.0% 10-dma envelope

GBPUSD is unchanged and holding on to its recent gains. The short-term outlook remains bullish. The pair has breached resistance at 1.2147, the Feb 21 high. The break reinforces a current bullish theme and opens 1.2269, the Feb 14 high. Initial firm support to watch is 1.2041, the 20-day EMA. A breach of this level would be a bearish development and signal a top, potentially exposing the key support at 1.1804, the Mar 8 low and bear trigger.

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