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Climbs Above The 20-Day EMA

  • RES 4: 1.4074 Low Jun 10
  • RES 3: 1.4001 High Jun 23 and key resistance
  • RES 2: 1.3884/3910 50-day EMA / High Jul 12
  • RES 1: 1.3833 High Jul 26
  • PRICE: 1.3828 @ 06:16 BST Jul 27
  • SUP 1: 1.3691/3572 Low Jul 22 / Low Jul 20 and the bear trigger
  • SUP 2: 1.3520/3487 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 trading near recent highs and did trade higher yesterday. Gains are considered corrective however with a bearish trend structure remaining intact. An extension of the correction would open 1.3884, the 50-day EM with price above the 20-day EMA, a former resistance point. Key short-term resistance is seen at 1.3910, the Jul 12 high. A turn lower would signal the end of the bounce and open 1.3572, key support and the Jul 20 low.

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