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Bearish Pressure Extends

GBPUSD TECHS
  • RES 4: 1.4001 High Jun 23
  • RES 3: 1.3983/90 High Jul 30 / 61.8% of the Jun 1 - Jul 20 sell-off
  • RES 2: 1.3916 High Aug 9
  • RES 1: 1.3850/76 High Aug 17 / 50-day EMA
  • PRICE: 1.3749 @ 16:47 BST Aug 18
  • SUP 1: 1.3726 Low Aug 17
  • SUP 2: 1.3691 Low Jul 22
  • SUP 3: 1.3572 Low Jul 20 and the bear trigger
  • SUP 4: 1.3520 Low Jan 18

GBPUSD traded lower Tuesday, resuming the pullback from 1.3983, the Jul 30 high. The move lower reinforces a bearish condition and the end of the corrective bounce in late July. Price is also back below the 50-day EMA. Further weakness would expose support at 1.3691, Jul 22 low with key support located at 1.3572, Jul 20 low. A convincing recovery back above the 50-day EMA at 1.3876 would ease the current bearish pressure.

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

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