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Tops Key Resistance

GBPUSD TECHS
  • RES 4: 1.2296 76.4% retracement of the Jan 23 - Mar 8 bear leg
  • RES 3: 1.2269 High Feb 14
  • RES 2: 1.2202 61.8% retracement of the Jan 23 - Mar 8 bear leg
  • RES 1: 1.2179 High Mar 13
  • PRICE: 1.2159 @ 16:00 GMT Mar 13
  • SUP 1: 1.2013 20-day EMA
  • SUP 2: 1.1908/1804 Intraday low / Low Mar 8 and the bear trigger
  • SUP 3: 1.1736 2.0% 10-dma envelope
  • SUP 4: 1.1711 Low Nov 14 2022

GBPUSD traded higher still Monday, topping key resistance on the way to new recovery highs. 1.2147, the Feb 21 high, has been broken. A close above these levels signals scope for an extension towards 1.2269, the Feb 14 high. On the downside, initial support is 1.2013, the 20-day EMA. A breach of this level would signal a top and potentially expose key support at 1.1804, the Mar 8 low and bear trigger.

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

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