Free Trial

Approaching Key Support

GBPUSD TECHS
  • RES 4: 1.3263 Bull channel top drawn from the Mar 8 low
  • RES 3: 1.3142 High Jul 14 and the bull trigger
  • RES 2: 1.3045 High Jul 19
  • RES 1: 1.2866/2996 20-day EMA / High Jul 27
  • PRICE: 1.2779 @ 06:20 BST Jul 28
  • SUP 1: 1.2737 50-day EMA
  • SUP 2: 1.2711 Bull channel base drawn from the Mar 8 low
  • SUP 3: 1.2674 Low Jul 6
  • SUP 4: 1.2591 Low Jun 29

Recent gains in GBPUSD stalled at Thursday’s high and the pair traded sharply lower. The move down highlights the fact that a bear cycle remains in play. Support at 1.2798 the Jul 24 low, has been breached. The break signals scope for an extension lower towards the 50-day EMA at 1.2737. The base of the bull channel, drawn from the Mar 8 low and a key support, lies at 1.2711 today. First key resistance is at 1.2996, yesterday’s high.

To read the full story

Close

Why MNI

MNI is the leading provider

of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.

Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.