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Watching Resistance

GBPUSD TECHS
  • 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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