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Path Of Least Resistance Remains Down

GBPUSD TECHS
  • RES 4: 1.3400 50-day EMA
  • RES 3: 1.3358 Low Jan 27
  • RES 2: 1.3284 20-day EMA
  • RES 1: 1.3195 High Mar 10
  • PRICE: 1.3039 @ 06:20 GMT Mar 15
  • SUP 1: 1.3000 Intraday low 1.2944
  • SUP 2: 1.2954 1.764 proj of the Jan 13 - 27 - Feb 10 price swing
  • SUP 3: 1.2944/33 2.0% Lower Bollinger Band / Low Nov 5 2020
  • SUP 4: 1.2855 Low Nov 2 2020 and a key support

GBPUSD remains bearish and has touched 1.3000 today, a fresh bear cycle low. The outlook remains bearish following last week’s move lower that confirmed a resumption of the broader downtrend that started early Jan 2021. A break of the 1.3000 handle would open 1.2954, a 1.50 projection of the Jan 13 - 27 - Feb 10 price swing. On the upside, initial firm resistance is seen at 1.3195, the Mar 10 high.

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