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Approaching Its Bear Trigger

GBPUSD TECHS
Foreign Exchange Technical Analysismarkets-real-timeBulletMarketsForeign Exchange
  • RES 4: 1.2495 76.4% retracement of the May 27 - Jun 14 downleg
  • RES 3: 1.2406 High Jun 16 and a key resistance
  • RES 2: 1.2332 High Jun 27
  • RES 1: 1.2289 20-day EMA
  • PRICE: 1.2006 @ 14:38 BST Jul 1
  • SUP 1: 1.1990 Low Jun 15
  • 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 has traded lower today. The outlook remains bearish and today’s acceleration lower reinforces bearish conditions. Sights are on the key support at 1.1934, the Jun 14 low and a bear trigger. The primary trend direction is down and a break of 1.1934 would confirm a resumption of the bearish cycle. This would open 1.1795, a Fibonacci projection. Initial firm resistance to watch is unchanged at 1.2406, Jun 16 high.

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  • RES 4: 1.2495 76.4% retracement of the May 27 - Jun 14 downleg
  • RES 3: 1.2406 High Jun 16 and a key resistance
  • RES 2: 1.2332 High Jun 27
  • RES 1: 1.2289 20-day EMA
  • PRICE: 1.2006 @ 14:38 BST Jul 1
  • SUP 1: 1.1990 Low Jun 15
  • 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 has traded lower today. The outlook remains bearish and today’s acceleration lower reinforces bearish conditions. Sights are on the key support at 1.1934, the Jun 14 low and a bear trigger. The primary trend direction is down and a break of 1.1934 would confirm a resumption of the bearish cycle. This would open 1.1795, a Fibonacci projection. Initial firm resistance to watch is unchanged at 1.2406, Jun 16 high.