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Trend Needle Points South

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 High Mar 7
  • PRICE: 1.3121 @ 06:10 GMT Mar 9
  • SUP 1: 1.3082 Low Mar 8
  • SUP 2: 1.3058 1.50 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 traded to a fresh low Tuesday and the near-term outlook remains bearish. The pair has this week cleared key support at 1.3163, Dec 8 low. The move lower reinforces bearish conditions and has confirmed a resumption of the downtrend that started early January 2021. This opens 1.3058 next, a 1.50 projection of the Jan 13 - 27 - Feb 10 price swing. On the upside, initial resistance is seen at Monday’s 1.3259 intraday high.

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