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Pierces Resistance

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: 1.2230 Intraday high
  • PRICE: 1.2179 @ 06:18 GMT Mar 20
  • SUP 1: 1.2073/2011/1908 50-day EMA / Low Mar 15
  • SUP 2: 1.1908 Low Mar 10 1.1893 200-dma
  • SUP 3: 1.1892 200-dma
  • SUP 4: 1.1804 Low Mar 8 and the bear trigger

GBPUSD has traded higher today. Price has pierced resistance at 1.2204, the Mar 14 high. A clear breach of this hurdle would strengthen the case for bulls and signal scope for a climb towards 1.2269, the Feb 14 high and 1.2296, a Fibonacci retracement. On the downside, key short-term support lies at 1.2011, the Mar 15 low. A move below this support would instead reinstate the recent bearish theme.

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