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Focus Is On The Bull Channel Base

GBPUSD TECHS
  • RES 4: 1.4237 High Feb 24 and the bull trigger
  • RES 3: 1.4182 High Feb 25
  • RES 2: 1.4062 61.8% retracement of the Feb 24 - Mar 5 low
  • RES 1: 1.4005 High Mar 12 and key near-term resistance
  • PRICE: 1.3873 @ 17:01 GMT Mar 19
  • SUP 1: 1.3808 50-day EMA
  • SUP 2: 1.3797/79 Channel base from Nov 2, 2020 low / Low Mar 8
  • SUP 3: 1.3663 Low Feb 5
  • SUP 4: 1.3567 Low Feb 4

GBPUSD remains below resistance at 1.4005, Mar 12 high. Attention is still on support at 1.3779, Mar 5 low ahead of a key bull channel support that intersects at 1.3797. The channel is drawn off the Nov 2, 2020 low and a clear break of both support levels would represent an important short-term reversal. This would open the 1.3600 handle and below. For bulls, a break of 1.4005 is needed to signal scope for stronger gains.

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