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Bearish Pressure Extends

GBPUSD TECHS
  • RES 4: 1.3983/90 High Jul 30 / 61.8% of the Jun 1 - Jul 20 sell-off
  • RES 3: 1.3916 High Aug 9
  • RES 2: 1.3850/71 High Aug 17 / 50-day EMA
  • RES 1: 1.3786 High AUg 18
  • PRICE: 1.3672 @ 16:59 BST Aug 19
  • SUP 1: 1.3653 Low Aug 19
  • SUP 2: 1.3572 Low Jul 20 and the bear trigger
  • SUP 3: 1.3520 Low Jan 18
  • SUP 4: 1.3452 Low Jan 11

GBPUSD has once again resumed the pullback from 1.3983, Jul 30 high. The move lower reinforces a bearish condition and confirms the end of the corrective bounce in late July. Price remains below the 50-day EMA and has seen further weakness through 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 1.3871 is required to ease the current bearish pressure.

MNI London Bureau | +44 203-865-3809 | edward.hardy@marketnews.com

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