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Free AccessCorrective Bounce
- RES 4: 1.1916 50-day EMA
- RES 3: 1.1783 High Aug 29
- RES 2: 1.1708 High Sep 12
- RES 1: 1.1705 20-day EMA
- PRICE: 1.1696 @ 15:35 BST Sep 12
- SUP 1: 1.1412/06 Low Mar 20 2020 and major support / Low Sep 7
- SUP 2: 1.1324 1.50 proj of the Jun 16 - Jul 14 - Aug 1 price swing
- SUP 3: 1.1300 Round number support
- SUP 4: 1.1248 1.618 proj of the Jun 16 - Jul 14 - Aug 1 price swing
The trend needle in GBPUSD still points south despite the most recent gains, which appear to be a correction. A bearish sequence of lower lows and lower highs highlight a downtrend. The trend is oversold and short-term gains are allowing this condition to unwind. Key support at 1.1412, Mar 20 2020 low, has been pierced. This is a major level and a clear break would strengthen bearish conditions. Firm resistance remains at 1.1705, the 20-day EMA.
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Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.