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Consolidating And Remains Vulnerable

GBPUSD TECHS
  • RES 4: 1.4237 High Feb 24 and the bull trigger
  • RES 3: 1.4182 High Feb 25
  • RES 2: 1.4148 Bull channel top drawn off the Nov 2, 2020 low
  • RES 1: 1.4029 High Feb 26
  • PRICE: 1.3958 @ 06:23 GMT Mar 4
  • SUP 1: 1.3859/30 Low Mar 2 / Low Feb 17
  • SUP 2: 1.3823 61.8% Retracement February Rally
  • SUP 3: 1.3776 Low Feb 12 and key near-term support
  • SUP 4: 1.3751 50-day EMA

Cable is consolidating. The pair remains vulnerable following the pullback from the Feb 24 high of 1.4237. Price earlier this week traded below the 20-day EMA and a clear breach would signal scope for a move towards 1.3823, a retracement level, and the key near-term support at 1.3776, Feb 12 low. Initial resistance is seen at 1.4029, Feb 26 high. Key trend support is 1.3692, the bull channel base drawn off the Nov 2, 2020 low.

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