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Focus Is On The Channel Base

GBPUSD TECHS
  • RES 4: 1.4182 High Feb 25
  • RES 3: 1.4167 Bull channel top drawn off the Nov 2, 2020 low
  • RES 2: 1.4017 High Mar 4
  • RES 1: 1.3925 High Mar 9
  • PRICE: 1.3889 @ 16:28 GMT Mar 10
  • SUP 1: 1.3779 Low Mar 8
  • SUP 2: 1.3768 50-day EMA
  • SUP 3: 1.3730 Bull channel drawn off the Nov 2, 2020 low.
  • SUP 4: 1.3663 Low May 5

Cable continues to consolidate. The outlook though remains bearish. Price has recently cleared the 20-day EMA and a number of near-term support levels. The focus is on 1.3768 next, the 50-day EMA. Clearance of this average would leave the key bull channel support at 1.3730 exposed. The channel is drawn off the Nov 2, 2020 low and a break would represent an important short-term reversal. Firm resistance is 1.4017, Mar 4 high.

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