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Softer Within The Bull Channel

GBPUSD TECHS
  • RES 4: 1.4182 High Feb 25
  • RES 3: 1.4157 Bull channel top drawn off the Nov 2, 2020 low
  • RES 2: 1.4017 High Mar 4
  • RES 1: 1.3907 Intraday high
  • PRICE: 1.3811 @ 17:19 GMT Mar 5
  • SUP 1: 1.3779 Intraday low
  • SUP 2: 1.3757 50-day EMA
  • SUP 3: 1.3702 Bull channel drawn off the Nov 2, 2020 low.
  • SUP 4: 1.3663 Low May 5

Cable weakness extended Friday in line with general USD strength. Price has traded below the 20-day EMA and the clear breach of the average has resulted in the break of a number of support levels. The focus is on 1.3757 next, the 50-day EMA. Clearance of this average would leave the bull channel support at 1.3702 exposed. The channel is drawn off the Nov 2, 2020 low. Resistance is at 1.4017, Mar 4 high.

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