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Bear Threat Remains Present

GBPUSD TECHS
  • RES 4: 1.3044 High Jul 17 and the bull trigger
  • RES 3: 1.2968 High Jul 19
  • RES 2: 1.2863/2938 High Aug 1 / High Jul 24
  • RES 1: 1.2801 20-day EMA
  • PRICE: 1.2776 @ 16:36 BST Aug 12
  • SUP 1:1.2665 Low Aug 8
  • SUP 2: 1.2613 Low Jun 27 and a key support
  • SUP 3: 1.2584 61.8% retracement of the Apr 22 - Jul 17 bull cycle
  • SUP 4: 1.2510 Low May 14

GBPUSD remains in bear-mode condition and traded to a fresh low last week. The move down this month has resulted in a break of the 50-day EMA and a trendline - currently at 1.2796 - drawn from the Apr 22 low. The clear break of both the EMA and trendline exposed 1.2672, 50.0% of the Apr 22 - Jul 17 bull cycle. This level has been pierced, a clear break would confirm a resumption of the bear leg. Initial resistance is 1.2801, the 20-day EMA.

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