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Resistance Remains Exposed

GBPUSD TECHS
  • RES 4: 1.2448 High Jan 23 and a key medium-term resistance
  • RES 3: 1.2401 High Feb 2
  • RES 2: 1.2379 2.0% 10-dma envelope
  • RES 1: 1.2296 / 97 76.4% of the Jan 23 - Mar 8 bear leg / High Mar22
  • PRICE: 1.2232 @ 16:13 GMT Mar 22
  • SUP 1: 1.2161 Low Mar 20
  • SUP 2: 1.2086/2011 50-day EMA / Low Mar 15 and key support
  • SUP 3: 1.1908 Low Mar 10
  • SUP 4: 1.1894 200-dma

GBPUSD on Monday cleared resistance at 1.2204, the Mar 14 high. This has strengthened the case for bulls and note too that resistance at 1.2269 has been pierced, the Feb 14 high. The next resistance to watch is 1.2296, a Fibonacci retracement - briefly pierced on Wednesday. Clearance of this level would open 1.2448, the Jan 23 high. On the downside, key short-term support is at 1.2011, the Mar 15 low. A break of this level is required to reinstate the recent bearish theme.

Foreign Exchange Technical AnalysisHomepagemarkets-real-timeBulletMarketsForeign Exchange Bullets
Foreign Exchange Technical AnalysisHomepagemarkets-real-timeBulletMarketsForeign Exchange Bullets

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