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Challenging The 50-Day EMA

GBPUSD TECHS
  • RES 4: 1.4074 Low Jun 10
  • RES 3: 1.4001 High Jun 23
  • RES 2: 1.3910 High Jul 12 and a key resistance
  • RES 1: 1.3884/94 50-day EMA / High Jul 27
  • PRICE: 1.3876 @ 19:37 BST Jul 28
  • SUP 1: 1.3720/3572 Low Jul 23 / Low Jul 20 and the bear trigger
  • SUP 2: 1.3520/3493 Low Jan 18 / 2.0%10-dma envelope
  • SUP 3: 1.3452 Low Jan 11
  • SUP 4: 1.3430 Low Dec 28, 2020

GBPUSD is testing the 50-day EMA. The average intersects at 1.3884 Wednesday and represents a key short-term resistance area and is key for the near-term outlook. A bearish trend structure remains intact. A clear break though of the 50-day EMA and a close above would threaten a bearish view and expose a key short-term resistance at 1.3910, Jul 12 high. A turn lower would signal the end of the recent bounce and open 1.3572, key support and Jul 20 low.

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