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Outlook Remains Bearish

GBPUSD TECHS
  • RES 4: 1.2269 High Feb 14
  • RES 3: 1.2244 61.8% retracement of the Jan 23 - Feb 17 bear leg
  • RES 2: 1.2182 High Feb 15
  • RES 1: 1.2147 High Feb 21
  • PRICE: 1.2011 @ 15:49 GMT Mar 1
  • SUP 1: 1.1915 Low Feb 17 and key short-term support
  • SUP 2: 1.1842 Low Jan 6 and a reversal trigger
  • SUP 3: 1.1790 2.0% 10-dma envelope
  • SUP 4: 1.1764 Low Nov 17

GBPUSD trend conditions remain bearish despite this week’s bounce and resistance remains intact. A break of 1.1915, the Feb 17 low would confirm a resumption of the bear leg and expose key support at 1.1842, the Jan 6 low. Clearance of this important price level would highlight a broader reversal threat and a potential double top reversal pattern. Key short-term resistance is seen at 1.2147, the Feb 21 high.

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