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Approaching First Support

GBPUSD TECHS
  • RES 4: 1.2518 High Jun 6
  • RES 3: 1.2406 High Jun 16 and a key resistance
  • RES 2: 1.2332 High Jun 27
  • RES 1: 1.2293 High Aug 01
  • PRICE: 1.2094 @ 15:57 BST Aug 16
  • SUP 1: 1.2004 Low Aug 5
  • SUP 2: 1.1961 Low Jul 25
  • SUP 3: 1.1890/1760 Low Jul 21 / Low Jul 14 and the bear trigger
  • SUP 4: 1.1673 1.00 proj of the May 27 - Jun 14 - 16 price swing

GBPUSD traded lower again Tuesday, before bouncing slightly into the close. Recent price action highlights two important short-term directional triggers; resistance at 1.2293, the Aug 1 high and support at 1.2004, the Aug 5 low. The outlook is bullish but a break of 1.2293 is required to signal a resumption of the bull cycle and open 1.2406, the Jun 16 high. For bears, clearance of support at 1.2004 would instead expose 1.1890, the Jul 21 low.

MNI London Bureau | +44 203-865-3809 | edward.hardy@marketnews.com

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