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Trading In A Tight Range

GBPUSD TECHS
  • RES 4: 1.2667 High May 27 and a reversal trigger
  • RES 3: 1.2517 50-day EMA
  • RES 2: 1.2495 76.4% retracement of the May 27 - Jun 14 downleg
  • RES 1: 1.2406 High Jun 16
  • PRICE: 1.2305 @ 16:28 BST Jun 27
  • SUP 1: 1.2161/2042 Low Jun 22 and 16
  • SUP 2: 1.1934 Low Jun 14 and High Mar 20 2020
  • SUP 3: 1.1795 0.764 proj of the Mar 23 - May 13 - 27 price swing
  • SUP 4: 1.1777 Low Mar 26 2020

GBPUSD is still trading in a tight range and above key support at 1.1934, the Jun 14 low and bear trigger. Recent gains are considered corrective and the primary trend direction is down. A resumption of weakness would refocus attention on 1.1934. Clearance of this support would confirm a resumption of the downtrend and open 1.1795, a Fibonacci projection. Initial firm resistance is seen at 1.2406, Jun 16 high.

Foreign Exchange Technical AnalysisHomepagemarkets-real-timeBulletMarketsForeign Exchange Bullets
Foreign Exchange Technical AnalysisHomepagemarkets-real-timeBulletMarketsForeign Exchange Bullets

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