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Eyeing Support

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: 1.3331 50-day EMA
  • RES 1: 1.3225/98 High Mar 25 and 23
  • PRICE: 1.3144 @ 06:22 GMT Mar 28
  • SUP 1: 1.3120/3000 Low Mar 22 / 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 below last week’s high of 1.3298 (Mar 23). The pair has failed to remain above the 20-day EMA and the 1.0% 10-dma envelope (at 1.3257) - both were breached last week. The pullback also means a key resistance at 1.3331, the 50-day EMA, remains intact. Watch support at 1.3120, the Mar 22 low. A break would suggest scope for a deeper pullback. Clearance of the 50-day EMA is required to reinstate a bullish theme.

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