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Gains Considered Corrective

GBPUSD TECHS
  • RES 4: 1.2819 High Aug 10 and a reversal trigger
  • RES 3: 1.2746 High Aug 30 and key resistance
  • RES 2: 1.2613/2671 20- and 50-day EMA values
  • RES 1: 1.2548 High Sep 11 / Low Aug 25 and a recent breakout point
  • PRICE: 1.2511 @ 05:52 BST Sep 12
  • SUP 1: 1.2446 Low Sep 7 and the bear trigger
  • SUP 2: 1.2433 Low Jun 8
  • SUP 3: 1.2369 Low Jun 5
  • SUP 4: 1.2308 1.764projection of the Jul 14 - 24 - 27 price swing

The trend needle in GBPUSD continues to point south. Last week’s breach of 1.2548, the Aug 25 low, confirmed a resumption of the downtrend and maintains the bearish price sequence of lower lows and lower highs. Moving average studies are in a bear mode position too, highlighting a downtrend. The focus is on 1.2433, Jun 8 low. Initial firm resistance is at 1.2613, the 20-day EMA. First resistance is 1.2548.

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