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Edges Below Channel Base

GBPUSD TECHS
  • RES 4: 1.4182 High Feb 25
  • RES 3: 1.4062 61.8% retracement of the Feb 24 - Mar 5 low
  • RES 2: 1.4005 High Mar 12 and key near-term resistance
  • RES 1: 1.3905 20-day EMA
  • PRICE: 1.3786 @ 18:20 GMT Mar 22
  • SUP 1: 1.3752 Channel base from Nov 2, 2020 low / 50-day EMA
  • SUP 2: 1.3779 Low Mar 5 and the bear trigger
  • SUP 3: 1.3663 Low Feb 5
  • SUP 4: 1.3567 Low Feb 4

GBPUSD weakened further Tuesday, with the price edging below the channel base from Nov 2, 2020 low at 1.3816 to retain the bearish theme. This keps the pair well off resistance at 1.4005, Mar 12 high and at the lower end of its recent range. A clear break of both the channel base and the Mar 5 bear trigger marks an important S/T reversal. The pair has now opened 1.3700 and below. For bulls, a break of 1.4005 is needed to reinstate a bullish theme.

MNI London Bureau | +44 203-865-3809 | edward.hardy@marketnews.com

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