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Corrective Bounce

GBPUSD TECHS
  • RES 4: 1.3376 50-day EMA
  • RES 3: 1.3358 Low Jan 27
  • RES 2: 1.3250 20-day EMA
  • RES 1: 1.3195 High Mar 10
  • PRICE: 1.3155 @ 06:19 GMT Mar 17
  • SUP 1: 1.3000 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: 1.2933/07 Low Nov 5 2020 / 2.0% Lower Bollinger Band
  • SUP 4: 1.2855 Low Nov 2 2020 and a key support

GBPUSD traded higher yesterday. The trend outlook remains bearish and short-term gains are considered corrective. A bearish theme follows recent weakness that resulted in a break of 1.3163, the Dec 12 low. This confirmed a resumption of the broader downtrend. Furthermore, moving average studies are in a bear mode, reinforcing the current condition. The bear trigger is 1.3000, Mar 15 low. Next resistance is seen at 1.3195, the Mar 10 high.

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