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Free AccessConsolidation Is Likely A Pause In The Downtrend
- RES 4: 1.3045 High Jul 19
- RES 3: 1.2996 High Jul 27 and a key resistance
- RES 2: 1.2887 High Jul 28
- RES 1: 1.2819 High Aug 10 and a reversal trigger
- PRICE: 1.2762 @ 20:28 BST Aug 21
- SUP 1: 1.2617 Low Aug 14
- SUP 2: 1.2591 Low Jun 29 and a key support
- SUP 3: 1.2480 1.50 projection of the Jul 14 - 24 - 27 price swing
- SUP 4: 1.2439 1.618 projection of the Jul 14 - 24 - 27 price swing
GBPUSD is trading in a range. The trend condition is bearish and the Aug 14 low of 1.2621 marks the short-term bear trigger. A break would confirm a resumption of the downtrend and pave the way for a test of the next objective at 1.2591, the Jun 29 low and an important support. On the upside, key short-term resistance has been defined at 1.2819, the Aug 19 high. Clearance of this level would signal a possible reversal.
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Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.