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Watching Resistance
- RES 4: 1.2881 76.4% retracement of the Jul 14 - Oct 4 bear leg
- RES 3: 1.2827 High Dec 28 and the bull trigger
- RES 2: 1.2775 High Jan 24
- RES 1: 1.2709 High Feb 22
- PRICE: 1.2682 @ 05:58 GMT Mar 5
- SUP 1: 1.2580 Low Feb 20
- SUP 2: 1.2519 Low Feb 5 and the bear trigger
- SUP 3: 1.2500 Low Dec 13
- SUP 4: 1.2432 50.0% retracement of the Oct 4 - Dec 28 bull phase
GBPUSD traded higher Monday, however, the pair remains inside a range and below the late December high. A bear threat is present and a reversal lower would refocus attention on the bear trigger at 1.2519, Feb 5 low. Clearance of this level would strengthen a bear threat and open 1.2500, the Dec 13 low, and 1.2432, a Fibonacci retracement. Resistance points to watch are 1.2775, Jan 25 high and 1.2827, the Dec 28 high and bull trigger.
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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.