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The 50-Day EMA Marks Key Resistance
- RES 4: 1.3492 76.4% retracement of the Feb 10 - Mar 15 downleg
- RES 3: 1.3439 High Feb 25
- RES 2: 1.3337 50-day EMA
- RES 1: 1.3298 High Mar 23
- PRICE: 1.3214 @ 06:22 GMT Mar 25
- SUP 1: 1.3120/3000 Low Mar 22 / Low Mar 15 and the bear trigger
- SUP 2: 1.2954 1.764 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 remains below Wednesday’s high of 1.3298. This week’s break of the 20-day EMA and the 1.0% 10-dma envelope (at 1.3257) was seen as a positive development however, a key resistance at 1.3337, the 50-day EMA, remains intact. Clearance of this average is required to further strengthen short-term bullish conditions. On the downside, watch support at 1.3120, Tuesday’s low. A break would suggest scope for a deeper pullback.
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