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Breaches Trendline Support

GBPUSD TECHS
  • RES 4: 1.3044 High Jul 17 and the bull trigger
  • RES 3: 1.2938 High Jul 24
  • RES 2: 1.2863 High Aug 1
  • RES 1: 1.2790 50-day EMA
  • PRICE: 1.2730 @ 06:17 BST Aug 2
  • SUP 1: 1.2713/1.2700 Intraday low / Round number support
  • SUP 2: 1.2672 50.0 retracement of the Apr 22 - Jul 17 bull cycle
  • SUP 3: 1.2613 Low Jun 27 and a key support
  • SUP 4: 1.2584 50.0 retracement of the Apr 22 - Jul 17 bull cycle

GBPUSD remains in a bear-mode condition and the pair traded lower Thursday. The move down has resulted in a break of the 50-day EMA - at 1.2790 - and a trendline at 1.2759, drawn from the Apr 22 low. The clear break of the EMA and the trendline, suggests scope for an extension towards the 1.2700 handle next, and 1.2672, a Fibonacci projection. Initial resistance to watch is at 1.2790, the 50-day EMA.

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