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Bearish Price Sequence

GBPUSD TECHS
  • RES 4: 1.1901 High Aug 26
  • RES 3: 1.1768 50-day EMA
  • RES 2: 1.1529/1738 20-day EMA / High Sep 13 and key resistance
  • RES 1: 1.13851 High Sep 21
  • PRICE: 1.1239 @ 06:23 BST Sep 23
  • SUP 1: 1.1212 Low Sep 22
  • SUP 2: 1.1153 1.764 proj of the Jun 16 - Jul 14 - Aug 1 price swing
  • SUP 3: 1.1100 Round number support
  • SUP 4: 1.1001 2.00 proj of the Jun 16 - Jul 14 - Aug 1 price swing

Bearish trend conditions in GBPUSD remain intact and the pair continues to weaken. The move lower maintains the bearish price sequence of lower lows and lower highs, signalling scope for a continuation. Note that moving average studies are in a bear mode set-up too. The focus is on the 1.1153, a Fibonacci projection. Firm resistance is at 1.1529, the 20-day EMA. Short-term gains would be considered corrective.

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