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Bearish Outlook

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: 1.2819 High Aug 10
  • PRICE: 1.2667 @ 16:00 BST Aug 14
  • SUP 1: 1.2617 Low Aug 14
  • 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

A bearish theme in GBPUSD remains intact, with 1.2621 support, the Aug 3 low, giving way to a new pullback low. Recent weakness resulted in a break of key support highlighted by the 50-day EMA, at 1.2740 Monday, and the base of a bull channel drawn from the Mar 8 low - currently at 1.2809. This signals potential for a continuation lower near-term towards 1.2591, the Jun 29 low and the next important support. First resistance is at 1.2819, Aug 10 high.

Foreign Exchange Technical AnalysisHomepagemarkets-real-timeBulletMarketsForeign Exchange Bullets
Foreign Exchange Technical AnalysisHomepagemarkets-real-timeBulletMarketsForeign Exchange Bullets

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