Breaches The 20-Day EMA

• RES 4: 1.2996 High Jul 27 and a key resistance
• RES 3: 1.2887 High Jul 28
• RES 2: 1.2819 High Aug 10 and a reversal trigger
• RES 1: 1.2746 High Aug 30
• PRICE: 1.2660 @ 17:43 BST Aug 31
• SUP 1: 1.2548/21 Low Aug 25 / 1.382 of Jul 14 - 24 - 27 price swing
• SUP 2: 1.2480 1.50 projection of the Jul 14 - 24 - 27 price swing
• SUP 3: 1.2433 Low Jun 8
• SUP 4: 1.2369 Low Jun 5

GBPUSD traded higher Wednesday resulting in a print above resistance at 1.2707, the 20-day EMA. The break higher exposes key resistance at 1.2819, the Aug 10 high. The trend outlook is bearish and short-term gains are considered corrective. Last week’s move lower resulted in a break of support at 1.2621, the Aug 14 low and 1.2591, the Jun 29 low. This confirms a resumption of the downtrend - the bear trigger is at 1.2548, the Aug 25 low.