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GBPUSD TECHS: Bear Leg Extends

GBPUSD TECHS
  • RES 4: 1.3044 High Jul 17 and the bull trigger   
  • RES 3: 1.2968 High Jul 19 
  • RES 2: 1.2938 High Jul 24
  • RES 1: 1.2811 20-day EMA
  • PRICE: 1.2697 @ 06:02 BST Aug 8
  • SUP 1:1.2665 Intraday low 
  • SUP 2: 1.2613 Low Jun 27 and a key support
  • SUP 3: 1.2584 50.0 retracement of the Apr 22 - Jul 17 bull cycle
  • SUP 4: 1.2510 Low May 14 

GBPUSD remains in bear-mode condition and is trading lower today. The move down this month has resulted in a break of the 50-day EMA and a trendline - at 1.2783 - drawn from the Apr 22 low. The clear break of the EMA and the trendline, suggests scope for a test of 1.2672 next, a Fibonacci projection. This level has been pierced, a  clear break would confirm a resumption of the bear leg. Initial resistance is at 1.2811, the 20-day EMA.    

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