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Resumes Weakness

GBPUSD TECHS
  • RES 4: 1.3749 High Jan 13 and a key resistance
  • RES 3: 1.3662 High Jan 20 and the 200-dma
  • RES 2: 1.3643/44 High Feb 18 / 10
  • RES 1: 1.3439/87 High Feb 25 / Low Feb 15
  • PRICE: 1.3338 @ 16:48 GMT Mar 3
  • SUP 1: 1.3273/72 Low Feb 24 and the bear trigger / Intraday low
  • SUP 2: 1.3240 Low Dec 22
  • SUP 3: 1.3174 Low Dec 20
  • SUP 4: 1.3163 Low Dec 8 and a key support

GBPUSD resumed recent weakness into the Thursday close, erasing much of the Wednesday strength. This keeps the outlook bearish following a sell-off on Jan 24 and attention is on that day's 1.3273 low. Recent weakness resulted in a breach of support at 1.3358, the Jan 27 low. 1.3301, 76.4% of the Dec 8 - Jan 13 rally has also been probed. A clear break of the retracement would strengthen bearish pressure and open 1.3163, Dec 8 low and a key support. Resistance is seen at 1.3487.

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