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Approaching Key Resistance

GBPUSD TECHS
  • RES 4: 1.4133 High Jun 16
  • RES 3: 1.4088 76.4% retracement of the Jun 1 - Jul 20 sell-off
  • RES 2: 1.4001 High Jun 23
  • RES 1: 1.3990 61.8% retracement of the Jun 1 - Jul 20 sell-off
  • PRICE: 1.3910 @ 17:06 BST Aug 04
  • SUP 1: 1.3836/3767 20-day EMA / Low Jul 27
  • SUP 2: 1.3691 Low Jul 22
  • SUP 3: 1.3572 Low Jul 20 and the bear trigger
  • SUP 4: 1.3520/10 Low Jan 18 / 2.0%10-dma envelope

GBPUSD traded higher again last week before fading into the weekly close. The pair has cleared the 50-day EMA. The move above this average strengthens the current corrective recovery, signalling scope for gains towards 1.3990 next, a Fibonacci retracement. This lies ahead of a key short-term level at 1.4001, the Jun 23 high. A failure ahead of these resistance points would suggest the end of the current correction. First support is at 1.3836, the 20-day EMA.

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