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Corrective Bounce Arrives At The 20-Day EMA

GBPUSD TECHS
  • RES 4: 1.1906 50-day EMA
  • RES 3: 1.1783 High Aug 29
  • RES 2: 1.1708 High Sep 12
  • RES 1: 1.1703/10 20-day EMA / High Sep 9
  • PRICE: 1.1689 @ 06:23 BST Sep 13
  • SUP 1: 1.1580 Low Sep 12
  • SUP 2: 1.1412/06 Low Mar 20 2020 and major support / Low Sep 7
  • SUP 3: 1.1324 1.50 proj of the Jun 16 - Jul 14 - Aug 1 price swing
  • SUP 4: 1.1300 Round number support

The trend needle in GBPUSD points south despite the latest gains - a correction. A bearish sequence of lower lows and lower highs highlight a downtrend. Key support at 1.1412, Mar 20 2020 low, has been pierced. This is a key level and a break would strengthen bearish conditions. The 20-day EMA intersects at 1.1703. A clear break would signal scope for a stronger recovery and allow an oversold trend condition to unwind.

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