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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.

Foreign Exchange Technical AnalysisHomepagemarkets-real-timeBulletMarketsForeign Exchange Bullets
Foreign Exchange Technical AnalysisHomepagemarkets-real-timeBulletMarketsForeign Exchange Bullets

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