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Through Bear Trigger

GBPUSD TECHS
  • 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: 1.2256 20-day EMA
  • PRICE: 1.1941 @ 15:46 BST Jul 5
  • SUP 1: 1.1931 Low Jul 5
  • SUP 2: 1.1926 2.0% 10-dma envelope
  • SUP 3: 1.1795 0.764 proj of the Mar 23 - May 13 - 27 price swing
  • SUP 4: 1.1777 Low Mar 26 2020

The downtrend in GBPUSD accelerated Tuesday, taking out support and the bear trigger at the Jun 14 low of 1.1934. This reinforces bearish conditions and raises focus on 1.1795, a Fibonacci projection. Weakness through here would open the Mar 26 2020 lows of 1.1795. To the upside, initial key resistance to watch is unchanged at 1.2406, Jun 16 high. First resistance is at 1.2256, the 20-day EMA.

MNI London Bureau | +44 203-865-3809 | edward.hardy@marketnews.com
Foreign Exchange Technical AnalysisHomepagemarkets-real-timeBulletMarketsForeign Exchange Bullets
MNI London Bureau | +44 203-865-3809 | edward.hardy@marketnews.com
Foreign Exchange Technical AnalysisHomepagemarkets-real-timeBulletMarketsForeign Exchange Bullets

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