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Clears 20-Day EMA

GBPUSD TECHS
  • RES 4: 1.3439 High Feb 25
  • RES 3: 1.3353 50-day EMA
  • RES 2: 1.3274 High Mar 22
  • RES 1: 1.3256 1.0% 10-dma envelope
  • PRICE: 1.3254 @ 16:44 GMT Mar 22
  • SUP 1: 1.3088/3000 Low Mar 17 / Low Mar 15 and the bear trigger
  • SUP 2: 1.2954 1.764 proj of the Jan 13 - 27 - Feb 10 price swing
  • SUP 3: 1.2933/2906 Low Nov 5 2020 / 2.0% Lower Bollinger Band
  • SUP 4: 1.2855 Low Nov 2 2020 and a key support

The impulsive rally in GBPUSD extended Tuesday, putting the pair through the 20-day EMA resistance at 1.3230. The pair also briefly pierced the 1.0% 10-dma envelope (at 1.3256) - an indicator that successfully contained prices through the Dec - Jan upleg from 1.32 to 1.37. This could prompt a near-term correction lower in the pair, which would initially target 1.3088 - the Mar 17 low. Moving average studies remain in a bear mode for now.

MNI London Bureau | +44 203-865-3809 | edward.hardy@marketnews.com

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