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Bearish Price Sequence

GBPUSD TECHS
  • RES 4: 1.1981 50-day EMA
  • RES 3: 1.1901 High Aug 26 and key resistance
  • RES 2: 1.1788 20-day EMA
  • RES 1: 1.1624/1760 High Sep 1 / Low Jul 14 and recent breakout lvl
  • PRICE: 1.1536 @ 16:16 BST Sep 6
  • SUP 1: 1.1444/1412 Low Sep 5 / Low Mar 20 2020 and major support
  • SUP 2: 1.1324 1.50 proj of the Jun 16 - Jul 14 - Aug 1 price swing
  • SUP 3: 1.1300 Round number support
  • SUP 4: 1.1248 1.618 proj of the Jun 16 - Jul 14 - Aug 1 price swing

The current downtrend in GBPUSD remains intact and Monday’s initial weakness reinforces current conditions. The pair has recovered however short-term gains are considered corrective. A bearish sequence of lower lows and lower highs remains intact. Note that trend is oversold however this does not appear to be a concern for bears. The focus is on 1.1412 next, Mar 20 2020 low and a major support. Firm resistance is at 1.1788, the 20-day EMA.

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

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