Free Trial

Edging Lower

GBPUSD TECHS
  • RES 4: 1.4133 High Jun 16
  • RES 3: 1.4088 76.4% retracement of the Jun 1 - Jul 20 sell-off
  • RES 2: 1.4001 High Jun 23
  • RES 1: 1.3990 61.8% retracement of the Jun 1 - Jul 20 sell-off
  • PRICE: 1.3832 @ 17:37 BST Aug 10
  • SUP 1: 1.3767 Low Jul 27
  • SUP 2: 1.3691 Low Jul 22
  • SUP 3: 1.3572 Low Jul 20 and the bear trigger
  • SUP 4: 1.3520/10 Low Jan 18 / 2.0%10-dma envelope

GBPUSD traded lower into the Friday close, fading off key resistance. This puts the pair further off the 50-day EMA at 1.3890 which represents the key upside level. A close back above here signals scope for gains towards 1.3990 next, a Fibonacci retracement. Support undercuts at the Jul 27 low of 1.3767. Should this give way, the outlook deteriorates, opening scope toward the bear trigger of 1.3572.

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.