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Bear Threat Remains Present

GBPUSD TECHS
  • RES 4: 1.3142 High Jul 14 and the bull trigger
  • RES 3: 1.3045 High Jul 19
  • RES 2: 1.2887/2996 High Jul 28 / 27 and a key resistance
  • RES 1: 1.2817 20-day EMA
  • PRICE: 1.2761 @ 05:58 BST Aug 08
  • SUP 1: 1.2621 Low Aug 3 and the bear trigger
  • SUP 2: 1.2591 Low Jun 29
  • SUP 3: 1.2480 1.50 projection of the Jul 14 - 24 - 27 price swing
  • SUP 4: 1.2439 1.618 projection of the Jul 14 - 24 - 27 price swing

The short-term trend outlook in GBPUSD remains bearish and gains are considered corrective. Last week’s price action reinforced a bearish theme. The pair breached a key support highlighted by the 50-day EMA, at 1.2746 today, and the base of a bull channel drawn from the Mar 8 low - currently at 1.2774. This has exposed 1.2591, the Jun 29 low and the next important support. First resistance is at 1.2817, the 20-day EMA.

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