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Bear Trigger Remains Exposed

GBPUSD TECHS
  • RES 4: 1.2495 76.4% retracement of the May 27 - Jun 14 downleg
  • RES 3: 1.2406 High Jun 16 and a key resistance
  • RES 2: 1.2332 High Jun 27
  • RES 1: 1.2256 20-day EMA
  • PRICE: 1.2115 @ 06:20 BST Jul 5
  • SUP 1: 1.1976 Low Jul 1
  • SUP 2: 1.1934 Low Jun 14 and the bear trigger
  • SUP 3: 1.1795 0.764 proj of the Mar 23 - May 13 - 27 price swing
  • SUP 4: 1.1777 Low Mar 26 2020

The trend outlook in GBPUSD remains bearish and last week’s move lower reinforces bearish conditions. The focus is on the key support at 1.1934, the Jun 14 low and bear trigger. The primary trend direction is down and a break of 1.1934 would confirm a resumption of the trend. This would open 1.1795, a Fibonacci projection. Initial key resistance to watch is unchanged at 1.2406, Jun 16 high. First resistance is at 1.2256, the 20-day EMA.

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  • RES 4: 1.2495 76.4% retracement of the May 27 - Jun 14 downleg
  • RES 3: 1.2406 High Jun 16 and a key resistance
  • RES 2: 1.2332 High Jun 27
  • RES 1: 1.2256 20-day EMA
  • PRICE: 1.2115 @ 06:20 BST Jul 5
  • SUP 1: 1.1976 Low Jul 1
  • SUP 2: 1.1934 Low Jun 14 and the bear trigger
  • SUP 3: 1.1795 0.764 proj of the Mar 23 - May 13 - 27 price swing
  • SUP 4: 1.1777 Low Mar 26 2020

The trend outlook in GBPUSD remains bearish and last week’s move lower reinforces bearish conditions. The focus is on the key support at 1.1934, the Jun 14 low and bear trigger. The primary trend direction is down and a break of 1.1934 would confirm a resumption of the trend. This would open 1.1795, a Fibonacci projection. Initial key resistance to watch is unchanged at 1.2406, Jun 16 high. First resistance is at 1.2256, the 20-day EMA.