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Cable Bounces And Is Approaching A Key Resistance

GBPUSD TECHS
Foreign Exchange Technical AnalysisHomepagemarkets-real-timeBulletMarketsForeign Exchange News
  • RES 4: 1.2401 High Feb 2
  • RES 3: 1.2269 High Feb 14
  • RES 2: 1.2147 High Feb 21 and a key resistance
  • RES 1: 1.2114 High Mar 10
  • PRICE: 1.2085 @ 16:09 GMT Mar 10
  • SUP 1: 1.1908/1804 Intraday low / Low Mar 8 and the bear trigger
  • SUP 2: 1.1727 2.0% 10-dma envelope
  • SUP 3: 1.1711 Low Nov 14 2022
  • SUP 4: 1.1647 38.2% retracement of the Sep 26 - Jan 23 bull phase

GBPUSD traded higher Friday and cleared a number of important intraday resistance points. Gains are considered corrective and this week’s break lower (on Mar 7 and 8), reinforces bearish conditions. The move lower delivered a print below support at 1.1842, Jan 6 low. A clear breach of this level would highlight a potential medium-term reversal and confirm a double top pattern on the daily chart. Resistance to watch is 1.2147, the Feb 21 high.

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  • RES 4: 1.2401 High Feb 2
  • RES 3: 1.2269 High Feb 14
  • RES 2: 1.2147 High Feb 21 and a key resistance
  • RES 1: 1.2114 High Mar 10
  • PRICE: 1.2085 @ 16:09 GMT Mar 10
  • SUP 1: 1.1908/1804 Intraday low / Low Mar 8 and the bear trigger
  • SUP 2: 1.1727 2.0% 10-dma envelope
  • SUP 3: 1.1711 Low Nov 14 2022
  • SUP 4: 1.1647 38.2% retracement of the Sep 26 - Jan 23 bull phase

GBPUSD traded higher Friday and cleared a number of important intraday resistance points. Gains are considered corrective and this week’s break lower (on Mar 7 and 8), reinforces bearish conditions. The move lower delivered a print below support at 1.1842, Jan 6 low. A clear breach of this level would highlight a potential medium-term reversal and confirm a double top pattern on the daily chart. Resistance to watch is 1.2147, the Feb 21 high.