Needle Still Points North

• RES 4: 1.3835 High Oct 20
• RES 3: 1.3687/49 200-dma / High Jan 13 and a key resistance
• RES 2: 1.3662 High Jan 20
• RES 1: 1.3643/44 High Feb 18 / 10
• PRICE: 1.3594 @ 17:01 GMT Feb 22
• SUP 1: 1.3555/3487 20-day EMA / Low Feb 15
• SUP 2: 1.3435 Low Feb 1
• SUP 3: 1.3358 Low Jan 27 and the bear trigger
• SUP 4: 1.3301 76.4% retracement of the Dec 8 - Jan 13 bull phase

GBPUSD trades unchanged through the London close have erased weakness posted earlier in the session. This put prices briefly below the 20-day EMA, which remains an important level of support. The outlook remains bullish - support at 1.3487 is intact and moving average studies continue to point north. The focus is on a test of 1.3662 next, Jan 20 high where a break would improve the bullish theme and expose 1.3749, the Jan 13 high and key resistance. On the downside, a move below 1.3487 would instead threaten the current bull theme and open 1.3358, Jan 27 low.