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Continuation Lower Would Expose The 50-Day EMA

  • RES 4: 1.3237 Bull channel top drawn from the Mar 8 low
  • RES 3: 1.3142 High Jul 14 and the bull trigger
  • RES 2: 1.3045 High Jul 19
  • RES 1: 1.2965 High Jul 20
  • PRICE: 1.2832 @ 06:02 BST Jul 25
  • SUP 1: 1.2801/2798 61.8% of the Jun-Jul Upleg / Low Jul 24
  • SUP 2: 1.2751 Low Jul 10
  • SUP 3: 1.2719 50-day EMA
  • SUP 4: 1.2685 Bull channel base drawn from the Mar 8 low

GBPUSD traded lower Monday, extending the losing streak to seven consecutive sessions (the longest since August last year). Price has pierced 1.2801 - the 61.8% retracement for the Jun-Jul upleg. A clear break would expose the 50-day EMA which intersects at 1.2719. The base of the bull channel, drawn from the Mar 8 low, crosses at 1.2685 today and represents a key trend support. Initial firm resistance is at 1.2965, the Jul 20 high.

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