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Double Top Reversal Threat Still Present

GBPUSD TECHS
  • RES 4: 1.2147 High Feb 21 and a key resistance
  • RES 3: 1.2060 50-day EMA
  • RES 2: 1.2011 20-day EMA
  • RES 1: 1.1939 High Mar 9
  • PRICE: 1.1922 @ 06:34 GMT Mar 10
  • SUP 1: 1.1804 Low Mar 8 and the bear trigger
  • SUP 2: 1.1727 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 remains vulnerable following Tuesday's sell-off and short-term gains are considered corrective. The break lower has resulted in a print below key support at 1.1842, the Jan 6 low. A clear breach 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 firm resistance is seen at 1.2011, the 20-day EMA.

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