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Cable Is Approaching A Key Resistance

GBPUSD TECHS
  • RES 4: 1.2296 76.4% retracement of the Jan 23 - Mar 8 bear leg
  • RES 3: 1.2269 High Feb 14
  • RES 2: 1.2202 61.8% retracement of the Jan 23 - Mar 8 bear leg
  • RES 1: 1.2147 High Feb 21 and a key resistance
  • PRICE: 1.2118 @ 05:31 GMT Mar 13
  • 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 the pair has started this week on a firmer note. Gains are considered corrective, however, attention is on resistance at 1.2147, the Feb 21 high. A break of this hurdle would signal scope for an extension towards 1.2269, the Feb 14 high. On the downside, initial support is 1.2013, the 20-day EMA. A breach of this level would signal a top and potentially expose key support at 1.1804, the Mar 8 low and bear trigger.

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