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Watching Support

GBPUSD TECHS
  • RES 4: 1.2448 High Jan 23 and a key medium-term resistance
  • RES 3: 1.2420 2.0% 10-dma envelope
  • RES 2: 1.2401 High Feb 2
  • RES 1: 1.2344 High Mar 23
  • PRICE: 1.2215 @ 10:21 GMT Mar 24
  • SUP 1: 1.2179 Low Mar 23 / 21
  • SUP 2: 1.2128 20-day EMA
  • SUP 3: 1.2101 50-day EMA
  • SUP 4: 1.2011 Low Mar 15

GBPUSD maintains a bullish tone but is facing resistance today and has pulled back from Thursday’s high. The pair has recently cleared a number of resistance points signalling scope for an extension higher. This has opened 1.2401, the Feb 2 high and 1.2448, the Jan 23 high. The latter is a key medium-term resistance. On the downside, initial firm support lies at 1.2179, the Mar 21 low, ahead of 1.2128, the 20-day EMA. The EMA is a key level.

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