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Under Pressure

GBPUSD TECHS
  • RES 4: 1.4205 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: 1.4017 High Mar 4 and key near-term resistance
  • PRICE: 1.3870 @ 14:40 GMT Mar 12
  • SUP 1: 1.3779 Low Mar 8
  • SUP 2: 1.3774 50-day EMA
  • SUP 3: 1.3740 Bull channel drawn off the Nov 2, 2020 low.
  • SUP 4: 1.3663 Low May 5

GBPUSD is under pressure. Today's sell-off suggests the end of the recent corrective bounce. The short-term outlook remains bearish following the downleg between Feb 24 - Mar 5. Continued weakness would open 1.3779, Mar 5 low ahead of a key bull channel support at 1.3749. The channel is drawn off the Nov 2, 2020 low and a break would represent an important short-term reversal. Firm resistance is 1.4017, Mar 4 high.

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