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Trading Ahead Of A Key Bull Channel Base

GBPUSD TECHS
  • RES 4: 1.4234 Bull channel top drawn off the Nov 2, 2020 low
  • RES 3: 1.4182 High Feb 25
  • RES 2: 1.4062 61.8% retracement of the Feb 24 - Mar 5 low
  • RES 1: 1.4005 High Mar 12 and key near-term resistance
  • PRICE: 1.3950 @ 19:29 GMT Mar 17
  • SUP 1: 1.3796 50-day EMA
  • SUP 2: 1.3779/78 Low Mar 8 / Channel base from Nov 2, 2020 low
  • SUP 3: 1.3663 Low Feb 5
  • SUP 4: 1.3567 Low Feb 4

The GBPUSD short-term outlook remains bearish following the sell-off between Feb 24 - Mar 5, despite the Fed-induced jump into the close. Attention is on support at 1.3779, Mar 5 low ahead of a key bull channel support that intersects at 1.3778. The channel is drawn off the Nov 2, 2020 low. A clear break of both these levels would represent an important short-term reversal. This would open the 1.3600 handle and below. Firm resistance is at 1.4005, Mar 12 high.

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