Free Trial

Recovery Fades

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 High Mar 23
  • PRICE: 1.3202 @ 16:36 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, before the pair faded throughout the Wednesday session. Nonetheless, the early rally this week 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, Tuesday’s low.

MNI London Bureau | +44 203-865-3809 | edward.hardy@marketnews.com

To read the full story

Close

Why MNI

MNI is the leading provider

of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.

Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.