Free Trial

Soft Following Monday’s Break Lower

GBPUSD TECHS
  • RES 4: 1.3486 50-day EMA
  • RES 3: 1.3430 20-day EMA
  • RES 2: 1.3358 Low Jan 27
  • RES 1: 1.3259 High Mar 7
  • PRICE: 1.3115 @ 06:06 GMT Mar 8
  • SUP 1: 1.3102 Low Mar 7
  • SUP 2: 1.3058 1.50 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 is bearish and traded sharply lower Monday. The pair has convincingly cleared a key support at 1.3163, Dec 8 low. The break reinforces current bearish conditions and confirms a resumption of the downtrend that started early January 2021. This opens 1.3058 next, a 1.50 projection of the Jan 13 - 27 - Feb 10 price swing. On the upside, initial resistance is seen at Monday’s 1.3259 intraday high.

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.