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Needle Still Points South

GBPUSD TECHS
  • RES 4: 1.3673/49 200-dma / High Jan 13 and a key resistance
  • RES 3: 1.3662 High Jan 20
  • RES 2: 1.3643/44 High Feb 18 / 10
  • RES 1: 1.3487 Low Feb 15 and a recent breakout level
  • PRICE: 1.3365 @ 06:21 GMT Feb 28
  • SUP 1: 1.3273 Low Feb 24 and the bear trigger
  • SUP 2: 1.3240 Low Dec 22
  • SUP 3: 1.3174 Low Dec 20
  • SUP 4: 1.3163 Low Dec 8 and a key support

A GBPUSD bearish threat remains present following last Thursday’s strong selling pressure and sights are on last week’s low of 1.3273. The move lower saw the pair clear support at 1.3487, Feb 15 low and 1.3358, the Jan 27 low and a key support. 1.3301, 76.4% of the Dec 8 - Jan 13 rally has been probed. A clear break would strengthen the bearish case and open 1.3163, Dec 8 low and a key support. Initial firm resistance is seen at 1.3487.

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