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Watching Resistance At 1.2204

GBPUSD TECHS
  • RES 4: 1.2401 High Feb 2
  • RES 3: 1.2296 76.4% retracement of the Jan 23 - Mar 8 bear leg
  • RES 2: 1.2269 High Feb 14
  • RES 1: 1.2204 High Mar 14 and a bull trigger
  • PRICE: 1.2156 @ 06:14 GMT Mar 17
  • SUP 1: 1.2011/1908 Low Mar 15 / 10
  • SUP 2: 1.1893 200-dma
  • SUP 3: 1.1804 Low Mar 8 and the bear trigger
  • SUP 4: 1.1779 2.0% 10-dma envelope

GBPUSD remains below Tuesday's high of 1.2204. Clearance of 1.2204 is required to reinstate a bullish theme and this would open 1.2269, the Feb 14 high. On the downside, support to watch lies at 1.2011, the Mar 15 low. A breach of this level would strengthen a bearish case and instead signal scope for a deeper retracement. The key support lies at 1.1804, the Mar 8 low and it marks the bear trigger.

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