Free Trial

GBPUSD TECHS: Bear Threat Remains Present

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: 1.2838 20-day EMA
  • PRICE: 1.2701 @ 16:32 BST Aug 6
  • SUP 1: 1.2673 Low Aug 6
  • SUP 2: 1.2672 50.0 retracement of the Apr 22 - Jul 17 bull cycle
  • SUP 3: 1.2613 Low Jun 27 and a key support 
  • SUP 4: 1.2584 50.0 retracement of the Apr 22 - Jul 17 bull cycle 

GBPUSD remains in a bear-mode condition. Last week’s move down resulted in a break of the 50-day EMA - at 1.2790 - and a breach of a trendline at 1.2771, drawn from the Apr 22 low. The clear break of the EMA and the trendline, suggests scope for an extension towards 1.2672 next, a Fibonacci projection. On the upside, initial resistance to watch is at 1.2838, the 20-day EMA.

To read the full story

Close

Why MNI

MNI is the leading provider

of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.

Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.