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Downtrend Intact

GBPUSD TECHS
  • RES 4: 1.2996 High Jul 27 and a key resistance
  • RES 3: 1.2887 High Jul 28
  • RES 2: 1.2819 High Aug 10 and a reversal trigger
  • RES 1: 1.2675/2746 20-day EMA / High Aug 30
  • PRICE: 1.2498 @ 16:19 BST Sep 06
  • SUP 1: 1.2482 Low Sep 6
  • SUP 2: 1.2480 1.50 projection of the Jul 14 - 24 - 27 price swing
  • SUP 3: 1.2433 Low Jun 8
  • SUP 4: 1.2369 Low Jun 5

GBPUSD opened further the gap with key short-term resistance at 1.2746, the Aug 30 high. A break of this level is required to signal scope for a stronger short-term recovery. For now, the trend outlook is bearish and Tuesday’s move lower has reinforced this condition. Support at 1.2548, the Aug 25 low, has been breached. This confirms a resumption of the trend and opens 1.2480, a Fibonacci projection.

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