Free Trial

Under Pressure

GBPUSD TECHS
  • RES 4: 1.3681/49 200-dma / High Jan 13 and a key resistance
  • RES 3: 1.3662 High Jan 20
  • RES 2: 1.3643/44 High Feb 18 / 10
  • RES 1: 1.3487 Low Feb 15
  • PRICE: 1.3317 @ 15:27 GMT Feb 24
  • SUP 1: 1.3301 76.4% retracement of the Dec 8 - Jan 13 rally
  • SUP 2: 1.3240 Low Dec 22
  • SUP 3: 1.3174 Low Dec 20
  • SUP 4: 1.3163 Low Dec 8 and a key support

GBPUSD has remained under pressure all day and a sharp sell-off has seen the pair trade through support at 1.3487, Feb 15 low and 1.3358, the Jan 27 low and a key support. The focus is on 1.3301, a 76.4% retracement of the Dec 8 - Jan 13 rally. Clearance of this level would strengthen the bearish case and open 1.3163, the Dec 8 low and a key support. Initial resistance is seen at 1.3487.

To read the full story

Close

Why MNI

MNI is the leading provider

of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.

Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.