GBPUSD TECHS: Outlook Remains Bearish
- RES 4: 1.3446 50-day EMA
- RES 3: 1.3369 20-day EMA
- RES 2: 1.3358 Low Jan 27
- RES 1: 1.3259 High Mar 7
- PRICE: 1.3099 @ 17:46 GMT Mar 10
- SUP 1: 1.3082 Low Mar 8 and the bear trigger
- SUP 2: 1.3058 1.50 proj of the Jan 13 - 27 - Feb 10 price swing
- SUP 3: 1.2933 Low Nov 5 2020
- SUP 4: 1.2855 Low Nov 2 2020 and a key support
The GBPUSD trend condition remains bearish. The sell-off earlier in the wek cleared key support at 1.3163, Dec 8 low. The move lower reinforces bearish conditions and has confirmed a resumption of the broader downtrend that started early January 2021. This opens 1.3058 next, a 1.50 projection of the Jan 13 - 27 - Feb 10 price swing. On the upside, initial resistance is seen at Monday’s 1.3259 high.
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GBPUSD TECHS: Still Looking For Gains
- RES 4: 1.3835 High Oct 20 and key resistance
- RES 3: 1.3710/49 200-dma / High Jan 13
- RES 2: 1.3662 High Jan 20
- RES 1: 1.3628 High Feb 02
- PRICE: 1.3554 @ 16:50 GMT Feb 8
- SUP 1: 1.3491/3435 Low Feb 7 / Low Feb 1
- SUP 2: 1.3358/43 Low Jan 27 / Low Dec 23
- SUP 3: 1.3301 76.4% retracement of the Dec 8 - Jan 13 bull phase
- SUP 4: 1.3221 2.0% 10-dma envelope
GBPUSD remains below last week’s high of 1.3628 on Feb 3. The short-term outlook is unchanged though and remains bullish. This follows the recent recovery from 1.3358, Jan 27 low and scope is seen for a climb towards 1.3662 next, Jan 20 high. On the downside, initial support lies at 1.3491, Monday’s low. Key support is unchanged at 1.3358, Jan 27 low. This is the trigger for a resumption of bearish pressure.
US TSYS: Reverse Repo Operation
NY Fed reverse repo usage recedes to $1,674.610B w/ 81 counterparties vs. second highest for year of $1,679.932B yesterday -- remains well off all-time high of $1,904.582B on Friday, December 31.
NY Federal Reserve/MNI
US: Gov Hogan Will Not Run For Senate
Maryland Governor Larry Hogan (R-MD) will announce today that he will not run for the US Senate in November.
- Senate Minority Leader Mitch McConnell (R-KY) has been pushing the term-limited governor to make a Senate run and saw the moderate Republican as an opportunity to flip a blue state. The announcement today will be welcomed by Democrats.
- AP reports: 'The planned announcement was confirmed by a person familiar with Hogan’s decision, who wasn’t authorized to preempt the governor.'
- The incumbent Senator Chris Van Hollen (D-MD) is now likely to retain the seat which is rated a safe Democrat seat by most election analysts.
