MNI China Daily Summary: Wednesday, March 12

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MNI China Press Digest March 12: FDI, Cars, Retail Sales

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MNI: USDA: 2024/2025 CORN PRODUCTION EST 14.87B BSL

GERMANY: Union/SPD Migration Alignment After Turmoil Threatened Debt Deal (BILD)

GERMANY: Official Interim Election Results Tilt Towards Missing BSW & FDP

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GBPUSD TECHS: Bulls Remain In The Driver’s Seat

GBPUSD TECHS
USForeign Exchange Technical AnalysisCEEMEABulletUKMarketsForeign Exchange BulletsNorth America
  • RES 4: 1.3119 76.4% retracement of the Sep 26 ‘24 - Jan 13 bear leg
  • RES 3: 1.3048 High Nov 6 ‘24
  • RES 2: 1.2990 High Nov 8 2024
  • RES 1: 1.2966 High Mar 11
  • PRICE: 1.2928 @ 06:23 GMT Mar 12 
  • SUP 1: 1.2768 Low Mar 5     
  • SUP 2: 1.2718 20-day EMA
  • SUP 3: 1.2605 50-day EMA and a short-term pivot support  
  • SUP 4: 1.2559 Low Feb 28      

The trend in GBPUSD is unchanged, it remains bullish. Moving average studies have recently crossed into a bull-mode position, highlighting a clear dominant uptrend. A Fibonacci retracement at 1.2924, 61.8% of the Sep 26 ‘24 - Jan 13 bear leg, has been pierced. A clear break of this level would open 1.2990, the Nov 8 2024 high. Initial firm support is 1.2618, the 50-day EMA. A pullback would be considered corrective.

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  • RES 4: 1.3119 76.4% retracement of the Sep 26 ‘24 - Jan 13 bear leg
  • RES 3: 1.3048 High Nov 6 ‘24
  • RES 2: 1.2990 High Nov 8 2024
  • RES 1: 1.2966 High Mar 11
  • PRICE: 1.2928 @ 06:23 GMT Mar 12 
  • SUP 1: 1.2768 Low Mar 5     
  • SUP 2: 1.2718 20-day EMA
  • SUP 3: 1.2605 50-day EMA and a short-term pivot support  
  • SUP 4: 1.2559 Low Feb 28      

The trend in GBPUSD is unchanged, it remains bullish. Moving average studies have recently crossed into a bull-mode position, highlighting a clear dominant uptrend. A Fibonacci retracement at 1.2924, 61.8% of the Sep 26 ‘24 - Jan 13 bear leg, has been pierced. A clear break of this level would open 1.2990, the Nov 8 2024 high. Initial firm support is 1.2618, the 50-day EMA. A pullback would be considered corrective.