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Downtrend Remains Intact

GBPUSD TECHS
  • RES 4: 1.2746 High Aug 30 and key resistance
  • RES 3: 1.2618 50-day EMA
  • RES 2: 1.2548 High Sep 11 and Low Aug 25
  • RES 1: 1.2446 Low Sep 7
  • PRICE: 1.2348 @ 08:06 BST Sep 20
  • SUP 1: 1.2334 Intraday low
  • SUP 2: 1.2308 Low May 25 and a key support
  • SUP 3: 1.2227 2.236 projection of the Jul 14 - 24 - 27 price swing
  • SUP 4: 1.2120 76.4% retracement of the Mar 8 - Jul 14 bull leg

GBPUSD has started today’s European session on a softer note and traded to a fresh cycle low. The move down once again confirms a resumption of the bear trend and maintains the price sequence of lower lows and lower highs. The focus is 1.2308, the May 25 low and a key support. On the upside, initial firm resistance is seen at 1.2548, the Sep 11 high. Short-term gains would be considered corrective.

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