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GBP Sees Further Support Through the London Close

GBP
  • GBP volatility persists through the London close, with GBP/USD (briefly) showing again at a session high. EUR/USD exhibiting similar price action here, with EUR/USD rallying to touch 0.9685.
  • This puts markets within range of first resistance at Sep 26 0.9710 ahead of the more important 20-day EMA at 0.9892.
  • Bearish trend conditions in GBPUSD remain intact despite the move. Monday’s volatile price activity defined an important short-term support at 1.0350. The trend is down and a break of this level would confirm a resumption of bearish activity.
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  • GBP volatility persists through the London close, with GBP/USD (briefly) showing again at a session high. EUR/USD exhibiting similar price action here, with EUR/USD rallying to touch 0.9685.
  • This puts markets within range of first resistance at Sep 26 0.9710 ahead of the more important 20-day EMA at 0.9892.
  • Bearish trend conditions in GBPUSD remain intact despite the move. Monday’s volatile price activity defined an important short-term support at 1.0350. The trend is down and a break of this level would confirm a resumption of bearish activity.