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Weakens Within Its Bull Channel

GBPUSD TECHS
  • RES 4: 1.4237 High Feb 24 and the bull trigger
  • RES 3: 1.4182 High Feb 25
  • RES 2: 1.4129 Bull channel top drawn off the Nov 2, 2020 low
  • RES 1: 1.4029 High Feb 26
  • PRICE: 1.3882 @ 06:03 GMT Mar 2
  • SUP 1: 1.3830 Low Feb 17
  • SUP 2: 1.3823 61.8% Retracement February Rally
  • SUP 3: 1.3776 Low Feb 12 and key near-term support
  • SUP 4: 1.3734 50-day EMA

Cable remains vulnerable following the pullback from the Feb 24 multi-year high of 1.4237. The pair has edged lower today again as it weakens within the range highlighted by a bull channel drawn off the Nov 2, 2020 low. Price is also trading below the 20-day EMA and the breach signals scope for a move towards 1.3823, a retracement level and the key near-term support at 1.3776, Feb 12 low. Initial resistance is seen at 1.4029, Feb 26 high.

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