Free Trial

Downside Theme Firms

GBPUSD TECHS
  • RES 4: 1.4088 76.4% retracement of the Jun 1 - Jul 20 sell-off
  • RES 3: 1.4001 High Jun 23
  • RES 2: 1.3983/90 High Jul 30 / 61.8% of the Jun 1 - Jul 20 sell-off
  • RES 1: 1.3916 High Aug 9
  • PRICE: 1.3746 @ 16:22 BST Aug 17
  • SUP 1: 1.3734 Low Aug 17
  • SUP 2: 1.3691 Low Jul 22
  • SUP 3: 1.3572 Low Jul 20 and the bear trigger
  • SUP 4: 1.3520 Low Jan 18

GBPUSD's downside theme strengthened further Tuesday, with the pair shedding over a point to trade well below the 1.38 handle. This extends the recent pullback from the late July high of 1.3983. Price is also back below the 50-day EMA, currently at 1.3881. Further weakness would expose support at 1.3691, Jul 22 low with key support located at 1.3572, Jul 20 low. For bulls, a convincing recovery back above the 50-day EMA would again signal scope for a test and potential breach of key resistance at 1.3983.

MNI London Bureau | +44 203-865-3809 | edward.hardy@marketnews.com

To read the full story

Close

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.