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Correction Extends

GBPUSD TECHS
  • RES 4: 1.2220 50-day EMA
  • RES 3: 1.2213 High Jun 29
  • RES 2: 1.2125 High Jul 5
  • RES 1: 1.2090 Intraday high
  • PRICE: 1.2046 @ 16:06 BST Jul 26
  • SUP 1: 1.1890/1760 Low Jul 21 / Low Jul 14 and the bear trigger
  • SUP 2: 1.1673 1.00 proj of the May 27 - Jun 14 - 16 price swing
  • SUP 3: 1.1640 Low Mar 25 2020
  • SUP 4: 1.1503 Low Mar 24 2020

GBPUSD remains in a short-term corrective bullish cycle, with the dip being bought Tuesday to erase losses into the close. The move higher signals scope for a stronger short-term correction and this has potentially opened the 50-day EMA at 1.2220 - a key resistance point. The primary trend direction is down. A resumption of weakness would refocus attention on 1.1673 next, a Fibonacci projection. The key support to watch is at 1.1760, the Jul 14 low and bear trigger.

Foreign Exchange Technical AnalysisHomepagemarkets-real-timeBulletMarketsForeign Exchange Bullets
Foreign Exchange Technical AnalysisHomepagemarkets-real-timeBulletMarketsForeign Exchange Bullets

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