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Impulsive Bull Run

GBPUSD TECHS
  • RES 4: 1.3045 High Jul 19 2023
  • RES 3: 1.2996 High Jul 27 2023
  • RES 2: 1.2946 2.00 projection of the Feb 14 - 22 - Mar 1 price swing
  • RES 1: 1.2894 Intraday high
  • PRICE: 1.2875 @ 13:52 GMT Mar 8
  • SUP 1: 1.2786 High Dec 1
  • SUP 2: 1.2677/00 20-day EMA / Low Mar 1
  • SUP 3: 1.2519 Low Feb 5 and the bear trigger
  • SUP 4: 1.2500 Low Dec 13

Strong gains in GBPUSD this week have strengthened a short-term bullish theme. Today’s climb has resulted in a break of the bull trigger at 1.2827, the Dec 28 high. This represents an important technical break and confirms a resumption of the bull trend that started on Oct 4 last year. The move higher signals scope 1.2996 next, the Jul 27 2023 high. Initial firm support is seen at 1.2677, the 20-day EMA.

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