Correction Extends

• 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.