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Bulls Remain In The Driver’s Seat

GBPUSD TECHS
  • RES 4: 1.3045 High Jul 19 2023
  • RES 3: 1.2996 High Jul 27 2023
  • RES 2: 1.2946 2.00 projection of the Feb 14 - 22 - Mar 1 price swing
  • RES 1: 1.2894 High Mar 8
  • PRICE: 1.2779 @ 16:30 GMT Mar 12
  • SUP 1: 1.2733 High Nov 29 2023
  • SUP 2: 1.2706/1.2667 20- and 50-day EMA values
  • SUP 3: 1.2600 Low Mar 1
  • SUP 4: 1.2519 Low Feb 5 and the bear trigger

GBPUSD bulls remain in the driver’s seat and price is trading closer to last week’s highs. Last Friday’s climb resulted in a break of the bull trigger at 1.2827, the Dec 28 high. This represents an important technical break and confirms a resumption of the bull trend that started on Oct 4 last year. Moving average studies are in a bull-mode set-up too. Sights are on 1.2996 next, the Jul 27 2023 high. Initial firm support is seen at 1.2706, the 20-day EMA.

Foreign Exchange Technical AnalysisHomepagemarkets-real-timeBulletMarketsForeign Exchange Bullets
Foreign Exchange Technical AnalysisHomepagemarkets-real-timeBulletMarketsForeign Exchange Bullets

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