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Key Resistance Defined At 1.2204

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: 1.2204 High Mar 14 and a bull trigger
  • PRICE: 1.2069 @ 06:28 GMT Mar 16
  • SUP 1: 1.2011/1908 Low Mar 15 / 10
  • SUP 2: 1.1895 200-dma
  • SUP 3: 1.1804 Low Mar 8 and the bear trigger
  • SUP 4: 1.1763 2.0% 10-dma envelope

GBPUSD has pulled back from the Tuesday high of 1.2204 and this has resulted in a breach of key short-term support at 1.2043, the 20-day EMA. A continuation lower would further undermine the recent bullish theme and instead signal scope for a deeper retracement. For bulls, clearance of 1.2204 is required to reinstate a bullish theme. This would open 1.2269, the Feb 14 high.

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