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Tests Support At The 50-Day EMA

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: 1.2823/2894 High Mar 14 / 8 and the bull trigger
  • RES 1: 1.2759 High Mar 15
  • PRICE: 1.2713 @ 16:05 GMT Mar 20
  • SUP 1: 1.2686/68 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 lower Tuesday before recovering from the session low. The recent move down from 1.2894, Mar 8 high, appears to be a correction, however, the pair has pierced support at 1.2686, the 50-day EMA. A clear break of this average would signal scope for a deeper retracement and open 1.2600, Mar 1 low. Key resistance is at 1.2894. A break of it would resume the uptrend. First resistance is seen at 1.2759, the Mar 15 high.

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