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Support At The 50-Day EMA Holds

GBPUSD TECHS
  • RES 4: 1.2996 High Jul 27 2023
  • RES 3: 1.2946 2.00 projection of the Feb 14 - 22 - Mar 1 price swing
  • RES 2: 1.2894 High Mar 8 and the bull trigger
  • RES 1: 1.2823 High Mar 4
  • PRICE: 1.2796 @ 06:17 GMT Mar 21
  • SUP 1: 1.2690/68 50-day EMA / Low Mar 19
  • SUP 2: 1.2600 Low Mar 1
  • SUP 3: 1.2536 Low Feb 14
  • SUP 4: 1.2519 Low Feb 5 and the bear trigger

GBPUSD traded higher yesterday, extending the bounce from Tuesday’s low. The recent move down from 1.2894, Mar 8 high, appears to be a correction, and the bull trend remains intact. The pair has found support just below the 50-day EMA - at 1.2690 - and this average remains an important support. A break would expose 1.2600, the Mar 1 low. Key resistance and the bull trigger is at 1.2894, the Mar 8 high.

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