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Correction Still In Play

GBPUSD TECHS
  • RES 4: 1.3983/90 High Jul 30 / 61.8% of the Jun 1 - Jul 20 sell-off
  • RES 3: 1.3916 High Aug 9
  • RES 2: 1.3829 50-day EMA
  • RES 1: 1.3808 High Aug 31
  • PRICE: 1.3754 @ 16:22 BST Aug 31
  • SUP 1: 1.3680/02 Low Aug 27 / Low Aug 20
  • SUP 2: 1.3572 Low Jul 20 and the bear trigger
  • SUP 3: 1.3520 Low Jan 18
  • SUP 4: 1.3452 Low, Jan 11

GBPUSD is holding onto recent gains. Despite the recent rally, the pair maintains a bearish theme. This follows the sell-off between Jul 30 and Aug 20. Price remains below its 50-day EMA and attention is on key support at 1.3572, Jul 20 low. For bulls, a convincing recovery back above the 50-day EMA at 1.3829 is required to ease the current bearish pressure. Initial resistance is at 1.3786, Aug 18 high.

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