Free Trial

Gains Considered Corrective

GBPUSD TECHS
  • RES 4: 1.3959 High Mar 19
  • RES 3: 1.3877 High Mar 22
  • RES 2: 1.3858 20-day EMA
  • RES 1: 1.3844 Former bull channel base drawn off the Nov 2 low
  • PRICE: 1.3791 @ 16:19 GMT Mar 26
  • SUP 1: 1.3663 Low Feb 5
  • SUP 2: 1.3641 38.2% retracement of the Sep 23 - Feb 24 bull cycle
  • SUP 3: 1.3567 Low Feb 4
  • SUP 4: 1.3520 Low Jan 18

GBPUSD maintains a bearish tone and gains are considered corrective despite Friday's rally. Tuesday's move lower confirmed a breach of the bull channel base from the Nov 2, 2020 low. Furthermore, price has this week cleared the 50-day EMA and a former key support at 1.3779, Mar 5 low, triggering an important S/T reversal. The focus is on 1.3663 next, Feb 5 low. On the upside, the former channel base at 1.3844, provides an initial firm resistance.

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.