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Holding On To Its Recent Gains

GBPUSD TECHS
  • RES 4: 1.2401 High Feb 2
  • RES 3: 1.2296 76.4% retracement of the Jan 23 - Mar 8 bear leg
  • RES 2: 1.2269 High Feb 14
  • RES 1: 1.2202 61.8% retracement of the Jan 23 - Mar 8 bear leg
  • PRICE: 1.2155 @ 16:23 GMT Mar 14
  • SUP 1: 1.2063/2029 50- and 20-day EMA values
  • SUP 2: 1.1908 Low Mar10
  • SUP 3: 1.1804 Low Mar 8 and the bear trigger
  • SUP 4: 1.1747 2.0% 10-dma envelope

GBPUSD traded higher Monday and topped resistance at 1.2147, the Feb 21 high. The break reinforces the current bullish theme and signals scope for an extension towards 1.2269, the Feb 14 high. On the downside, initial firm support to watch is 1.2029, the 20-day EMA. A breach of this level would be a bearish development and signal a top, potentially exposing the key support at 1.1804, the Mar 8 low and bear trigger.

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

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