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Fresh Trend Low

GBPUSD TECHS
  • RES 4: 1.2073 50-day EMA
  • RES 3: 1.2004 Low Aug 5
  • RES 2: 1.1901 High Aug 26
  • RES 1: 1.1783 High Aug 29
  • PRICE: 1.1706 @ 06:13 BST Aug 30
  • SUP 1: 1.1649/1600 Low Aug 29 / Round number support
  • SUP 2: 1.1503 Low Mar 24 2020
  • SUP 3: 1.1447 Low Mar 23 2020
  • SUP 4: 1.1412 Low Mar 20 2020 and a major support

GBPUSD started the week on a bearish note and traded lower Monday. The move lower resulted in a break of 1.1718, Aug 23 low, to confirm a resumption of primary downtrend. Note that moving average studies are in a clear bear mode position, highlighting current sentiment. The focus is on 1.1600 next. On the upside Friday’s 1.1901 high marks the first key short-term resistance.

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