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Resistance Seen At The 20-Day EMA

GBPUSD TECHS
  • RES 4: 1.3376 50-day EMA
  • RES 3: 1.3358 Low Jan 27
  • RES 2: 1.3240 20-day EMA
  • RES 1: 1.3211 High Mar 17
  • PRICE: 1.3190 @ 17:06 GMT Mar 18
  • SUP 1: 1.3088/3000 Low Mar 17 / 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: 1.2933/2892 Low Nov 5 2020 / 2.0% Lower Bollinger Band
  • SUP 4: 1.2855 Low Nov 2 2020 and a key support

GBPUSD traded higher Thursday. The trend outlook is bearish and short-term gains are still considered corrective. A bearish theme follows the recent break of 1.3163, the Dec 12 low, that confirmed a resumption of the broader downtrend. Furthermore, moving average studies remain in a bear mode, reinforcing the current condition. The bear trigger is 1.3000, Mar 15 low. Resistance to watch is at 1.3240, the 20-day EMA.

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

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