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Bear Leg extends

GBPUSD TECHS
  • RES 4: 1.3044 High Jul 17 and the bull trigger
  • RES 3: 1.2968 High Jul 19
  • RES 2: 1.2938 High Jul 24
  • RES 1: 1.2824 20-day EMA
  • PRICE: 1.2705 @ 06:25 BST Aug 7
  • SUP 1:1.2672 50.0 retracement of the Apr 22 - Jul 17 bull cycle
  • SUP 2: 1.2613 Low Jun 27 and a key support
  • SUP 3: 1.2584 50.0 retracement of the Apr 22 - Jul 17 bull cycle
  • SUP 4: 1.2510 Low May 14

GBPUSD traded lower Tuesday and remains in a bear-mode condition. Last week’s move down resulted in a break of the 50-day EMA - at 1.2786 - and a breach of a trendline at 1.2777, drawn from the Apr 22 low. The clear break of the EMA and the trendline, suggests scope for an extension towards 1.2672 next, a Fibonacci projection. A break would confirm a resumption of the bear leg. On the upside, initial resistance to watch is at 1.2824, the 20-day EMA.

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