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Approaching Resistance At The 50-Day EMA

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: 1.2209 50-day EMA
  • PRICE: 1.2197 @ 06:26 BST Jul 29
  • SUP 1: 1.2052 20-day EMA
  • SUP 2: 1.1890/1760 Low Jul 21 / Low Jul 14 and the bear trigger
  • SUP 3: 1.1673 1.00 proj of the May 27 - Jun 14 - 16 price swing
  • SUP 4: 1.1640 Low Mar 25 2020

GBPUSD continues to trade higher, extending the recent recovery from 1.1760, the Jul 14 low. The pair is approaching a firm resistance area at the 50-day EMA - the average intersects at 1.2209. A clear breach would strengthen bullish conditions, signalling scope for a climb towards 1.2332, the Jun 27 high. On the downside, initial firm support to watch lies at 1.1890, the Jul 21 low. A break would signal a resumption of bearish activity.

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