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Fresh Cycle Lows Once Again

  • RES 4: 1.1810 50-day EMA
  • RES 3: 1.1783 High Aug 29
  • RES 2: 1.1558/1738 20-day EMA / High Sep 13 and key resistance
  • RES 1: 1.1461 High Sep 20
  • PRICE: 1.1245 @ 06:08 BST Sep 22
  • SUP 1: 1.1221 Intraday low
  • SUP 2: 1.1153 1.764 proj of the Jun 16 - Jul 14 - Aug 1 price swing
  • SUP 3: 1.1100 Round number support
  • SUP 4: 1.1001 2.00 proj of the Jun 16 - Jul 14 - Aug 1 price swing

The GBPUSD downtrend remains intact and the pair has again resumed its downtrend. The reversal lower last week reinforced bearish conditions and the continued weakness 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 1.1153, a Fibonacci projection. Firm resistance is at 1.1558, the 20-day EMA.

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