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SOUTH KOREA

BoK Growth Forecast Could Be At Risk

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  • RES 4: 1.4074 Low Jun 10
  • RES 3: 1.4001 High Jun 23 and key resistance
  • RES 2: 1.3817/3898 20-day EMA / 50-day EMA
  • RES 1: 1.3787 High Jul 22
  • PRICE: 1.3754 @ 16:18 BST Jul 22
  • SUP 1: 1.3572 Low Jul 20
  • SUP 2: 1.3520/10 Low Jan 18 / 2.0%10-dma envelope
  • SUP 3: 1.3452 Low Jan 11
  • SUP 4: 1.3430 Low Dec 28, 2020

GBPUSD traded higher again Thursday. Gains are likely a correction and a bearish structurel dominates. The recent break of 1.3669, Apr 12 low reinforces the current bearish theme and with MA studies continuing to point south, further weakness is likely. The pair has tested 1.3579, 38.2% of the Mar '20 - Jun rally. An extension lower would open 1.3520, Jan 18 low. The 2.0% 10-dma envelope intersects at 1.3510. Initial resistance is at the Jul 2 high of 1.3733.