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Double Top Highlights Medium-Term Reversal

GBPUSD TECHS
  • RES 4: 1.2182 High Feb 15
  • RES 3: 1.2147 High Feb 21 and a key short-term resistance
  • RES 2: 1.2020 20-day EMA
  • RES 1: 1.1915 Low Feb 17
  • PRICE: 1.1856 @ 05:57 GMT Mar 9
  • SUP 1: 1.1804 Low Mar 8
  • SUP 2: 1.1736 2.0% 10-dma envelope
  • SUP 3: 1.1711 Low Nov 14 2022
  • SUP 4: 1.1647 38.2% retracement of the Sep 26 - Jan 23 bull phase

GBPUSD traded sharply lower Tuesday to confirm a resumption of the current bear cycle. The pair remains soft. The break lower has resulted in a print below key support at 1.1842, the Jan 6 low. A clear break of this level would highlight a potential medium-term reversal and confirm a double top pattern on the daily frequency. This would open 1.1647, a Fibonacci retracement. Initial resistance is seen at 1.1915, the Feb 17 low.

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