Free Trial

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.

To read the full story

Close

Why MNI

MNI is the leading provider

of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.

Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.