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Corrective Pullback Extends

GBPUSD TECHS
  • RES 4: 1.3045 High Jul 19 2023
  • RES 3: 1.2996 High Jul 27 2023
  • RES 2: 1.2946 2.00 projection of the Feb 14 - 22 - Mar 1 price swing
  • RES 1: 1.2823/2894 High Mar 14 / 8 and the bull trigger
  • PRICE: 1.2710 @ 15:50 GMT Mar 19
  • SUP 1: 1.2684/68 50-day EMA / Intraday low
  • SUP 2: 1.2600 Low Mar 1
  • SUP 3: 1.2536 Low Feb 14
  • SUP 4: 1.2519 Low Feb 5 and the bear trigger

GBPUSD traded lower Tuesday, extending the corrective pullback from 1.2894, the Mar 8 high and bull trigger. The pair has pierced support at 1.2684, the 50-day EMA. A clear break of this average would signal scope for a deeper retracement and open 1.2600, the Mar 1 low. Key resistance is unchanged at 1.2894. Clearance of this hurdle would resume the uptrend and open 1.2946, a Fibonacci projection.

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