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Recovery Extends

GBPUSD TECHS
  • RES 4: 1.3492 76.4% retracement of the Feb 10 - Mar 15 downleg
  • RES 3: 1.3439 High Feb 25
  • RES 2: 1.3349 50-day EMA
  • RES 1: 1.3298 Intraday high
  • PRICE: 1.3284 @ 06:30 GMT Mar 23
  • SUP 1: 1.3120/3000 Low Mar 22 / Low Mar 15 and the bear trigger
  • SUP 2: 1.2954 1.764 proj of the Jan 13 - 27 - Feb 10 price swing
  • SUP 3: 1.2933 Low Nov 5 2020
  • SUP 4: 1.2855 Low Nov 2 2020 and a key support

The impulsive rally in GBPUSD extended Tuesday. This has resulted in a break of the 20-day EMA. The pair has also traded above the 1.0% 10-dma envelope (at 1.3257). The break higher strengthens the current bull cycle and signals scope for a climb towards the 50-day EMA at 1.3349. This EMA is seen as a key short-term resistance. On the downside, initial firm support is seen at 1.3120, yesterday’s low.

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