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(Z2) Outlook Flips Positive


Wages Data Expected To Show Pick Up In Pace



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Corrective Bounce

  • RES 4: 1.2332 High Jun 27
  • RES 3: 1.2213 High Jun 29
  • RES 2: 1.2125 High Jul 5
  • RES 1: 1.2040 20-day EMA / High Jul 19
  • PRICE: 1.1995 @ 15:55 BST Jul 20
  • SUP 1: 1.1760 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 has recovered from last week’s lows. Short-term gains however are considered corrective and the outlook is bearish. Recent weakness confirmed a resumption of the current downtrend and this maintains the bearish price sequence of lower lows and lower highs. The focus is on 1.1673 next, a Fibonacci projection. Firm resistance is seen at 1.2040, marking the 20-day EMA as well as the July 19 high. A break would signal scope for a stronger short-term correction.

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