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Heading North

GBPUSD TECHS
  • RES 4: 1.2448 High Jan 23 and a key medium-term resistance
  • RES 3: 1.2401 High Feb 2
  • RES 2: 1.2383 2.0% 10-dma envelope
  • RES 1: 1.2344 High Mar 23
  • PRICE: 1.2323 @ 16:09 GMT Mar 23
  • SUP 1: 1.2264/1.2179 Intraday low / Low Mar 21
  • SUP 2: 1.2111 20-day EMA
  • SUP 3: 1.2093 50-day EMA
  • SUP 4: 1.2011 Low Mar 15

GBPUSD maintains a short-term bullish tone and is trading at this week’s highs. The pair has cleared a number of short-term resistance points this week signalling scope for an extension higher. The focus is on a climb towards 1.2401, the Feb 2 high and 1.2448, the Jan 23 high. The latter is a key medium-term resistance. On the downside, initial firm support lies at 1.2179, the Mar 21 low, ahead of 1.2111, the 20-day EMA.

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