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Trades Below A Key Support

GBPUSD TECHS
  • RES 4: 1.3486 50-day EMA
  • RES 3: 1.3430 20-day EMA
  • RES 2: 1.3358 Low Jan 27
  • RES 1: 1.3259 Intraday high
  • PRICE: 1.3158 @ 11:12 GMT Mar 7
  • SUP 1: 1.3142 Intraday low
  • SUP 2: 1.3104 1.382 proj of the Jan 13 - 27 - Feb 10 price swing
  • SUP 3: 1.3058 1.50 proj of the Jan 13 - 27 - Feb 10 price swing
  • SUP 4: 1.2933 Low Nov 5 2020

GBPUSD is bearish and continues to weaken. The pair has cleared a key near-term support at 1.3163, the Dec 8 low. The break reinforces the current bearish condition and confirms a resumption of the downtrend that started early January 2021. This opens 1.3104 next, a 1.382 projection of the Jan 13 - 27 - Feb 10 price swing. On the upside, initial resistance is seen at today’s 1.3259 intraday high.

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