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(U2) More Stable But Still Fragile


Trend Structure Remains Bullish


Cautious Risk Appetite Gains Momentum

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2020 High Within Range

  • RES 4: 1.3312 1.00 proj of Mar 20 - Apr 14 rally from May 18 low
  • RES 3: 1.3284 High Dec 31, 2019
  • RES 2: 1.3274 High 2020
  • RES 1: 1.3241 High Aug 18
  • PRICE: 1.3224 @ 16:27 BST Aug 18
  • SUP 1: 1.3049 Low Aug 14
  • SUP 2: 1.2982 Low Aug 4 and bear trigger
  • SUP 3: 1.2945 Low Jul 30
  • SUP 4: 1.2838 Low Jul 28

GBPUSD gained alongside most other USD pairs Tuesday to show above the top-end of the recent range at 1.3186, the Aug 6 high. This brings 2020 and late-2019 highs into view at 1.3274 / 84 as the first targets. Trend signals remain bullish with moving average studies still pointing north. Weakness below 1.2982 is required to signal a deeper correction.

MNI London Bureau | +44 203-865-3809 |
MNI London Bureau | +44 203-865-3809 |

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