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Eyeing 1.3000

GBPUSD TECHS
  • RES 4: 1.3492 76.4% retracement of the Feb 10 - Mar 15 downleg
  • RES 3: 1.3439 High Feb 25
  • RES 2: 1.3313 50-day EMA
  • RES 1: 1.3225/98 High Mar 25 and 23
  • PRICE: 1.3164 @ 16:30 GMT Mar 30
  • SUP 1: 1.3051/3000 Low Mar 29 / Low Mar 15 and the bear trigger
  • SUP 2: 1.2954 1.764 proj of the Jan 13 - 27 - Feb 10 price swing
  • SUP 3: 1.2933 Low Nov 5 2020
  • SUP 4: 1.2855 Low Nov 2 2020 and a key support

GBPUSD remains bearish despite Wednesday’s intraday rally. The push lower early in the week marks an extension of the pullback from 1.3298, Mar 23 high. Cable has recently failed to hold on to gains above the 20-day EMA and the 1.0% 10-dma envelope. The pullback also means a key resistance at 1.3313, the 50-day EMA remains intact. The focus is on 1.3000, Mar 15 low. Clearance of the 50-day EMA would alter the picture.

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