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Downtrend Accelerates

GBPUSD TECHS
  • RES 4: 1.1901 High Aug 26
  • RES 3: 1.1768 50-day EMA
  • RES 2: 1.1529/1738 20-day EMA / High Sep 13 and key resistance
  • RES 1: 1.1274/1385 Intraday high / High Sep 21
  • PRICE: 1.1056 @ 12:08 BST Sep 23
  • SUP 1: 1.1001 2.00 proj of the Jun 16 - Jul 14 - Aug 1 price swing
  • SUP 2: 1.0868 1.00 proj of the Aug 10 - Sep 7 - 13 price swing
  • SUP 3: 1.0849 2.236 proj of the Jun 16 - Jul 14 - Aug 1 price swing
  • SUP 4: 1.0754 2.382 proj of the Jun 16 - Jul 14 - Aug 1 price swing

Bearish trend conditions in GBPUSD remain intact and the pair continues to weaken - today’s move lower highlights an acceleration in the downtrend. The move lower maintains the bearish price sequence of lower lows and lower highs, signalling scope for a continuation. Note that moving average studies are in a bear mode set-up too. The focus is on the 1.1000 handle next. Initial resistance is today’s 1.1274 intraday high.

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