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Consolidating But Remains Vulnerable

GBPUSD TECHS
  • RES 4: 1.4237 High Feb 24 and the bull trigger
  • RES 3: 1.4182 High Feb 25
  • RES 2: 1.4157 Bull channel top drawn off the Nov 2, 2020 low
  • RES 1: 1.4029 High Feb 26
  • PRICE: 1.3885 @ 05:59 GMT Mar 5
  • 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: 1.3757 50-day EMA

Cable continues to trade within its most recent range. The pair remains vulnerable though following the pullback from 1.4237, Feb 24 high. Price is again below the 20-day EMA and a clear breach of the average 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 at 1.4029, Feb 26 high. Trend support is 1.3702, the bull channel base drawn off the Nov 2, 2020 low.

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