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Recovery Fades Ahead Of The 50-Day EMA

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: 1.3343 50-day EMA
  • RES 1: 1.3298 High Mar 23
  • PRICE: 1.3184 @ 16:18 GMT Mar 24
  • 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

GBPUSD failed to hold on to Wednesday’s high and closed down on the day. This week’s break of the 20-day EMA and the 1.0% 10-dma envelope (at 1.3257) is a positive development however, a key resistance at 1.3343, remains intact. Clearance of this average is required to further strengthen short-term bullish conditions. On the downside, initial firm support to watch is seen at 1.3120, Tuesday’s low.

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

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