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Takes Out Support At The 20-Day EMA

GBPUSD TECHS
  • RES 4: 1.2401 High Feb 2
  • RES 3: 1.2296 76.4% retracement of the Jan 23 - Mar 8 bear leg
  • RES 2: 1.2269 High Feb 14
  • RES 1: 1.2204 High Mar 14
  • PRICE: 1.2023 @ 16:40 GMT Mar 15
  • SUP 1: 1.1908 Low Mar 10
  • SUP 2: 1.1894 200-dma
  • SUP 3: 1.1804 Low Mar 8 and the bear trigger
  • SUP 4: 1.1761 2.0% 10-dma envelope

GBPUSD is pulling well away from the Tuesday high of 1.2204. The pullback has taken out key short-term support at 1.2041, the 20-day EMA, in the process and negated any positive signs from last week’s late rally. This week’s price action exposes key support at 1.1804, the Mar 8 low and bear trigger. Key short-term resistance has been defined at 1.2204, the Tuesday high, where a break is required to reinstate a bullish theme.

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

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