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GBPUSD TECHS: Corrective Cycle

GBPUSD TECHS
USForeign Exchange Technical AnalysisGlobalCEEMEABulletUKMarketsForeign Exchange BulletsRegionNorth America
  • RES 4: 1.3362 1.618 proj of the Jun 27 - Jul 17 - Aug 8 price swing
  • RES 3: 1.3328 76.4% retrace of the Jun 2021 - Sep 2022 bear leg
  • RES 2: 1.3238/3266 High Sep 06 / High Aug 27 and the bull trigger
  • RES 1: 1.3143 High Sep 9
  • PRICE: 1.3059 @ 16:23 BST Sep 10
  • SUP 1: 1.3058/50 20-day EMA/Low Sep 10
  • SUP 2: 1.3011 Low Aug 21
  • SUP 3: 1.2956 50-day EMA
  • SUP 4: 1.2895 61.8% retracement of the Aug 8 - 27 bull leg   

GBPUSD traded lower again Tuesday, extending the bear cycle that started Aug 27. The move down is considered corrective and this is allowing a recent overbought condition to unwind. Support at the 20-day EMA, at 1.3058, has been pierced. A clear break would signal scope for a deeper retracement, potentially towards the 50-day EMA, at 1.2956. For bulls, a reversal higher would refocus attention on key short-term resistance at 1.3266, Aug 27 high.   

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  • RES 4: 1.3362 1.618 proj of the Jun 27 - Jul 17 - Aug 8 price swing
  • RES 3: 1.3328 76.4% retrace of the Jun 2021 - Sep 2022 bear leg
  • RES 2: 1.3238/3266 High Sep 06 / High Aug 27 and the bull trigger
  • RES 1: 1.3143 High Sep 9
  • PRICE: 1.3059 @ 16:23 BST Sep 10
  • SUP 1: 1.3058/50 20-day EMA/Low Sep 10
  • SUP 2: 1.3011 Low Aug 21
  • SUP 3: 1.2956 50-day EMA
  • SUP 4: 1.2895 61.8% retracement of the Aug 8 - 27 bull leg   

GBPUSD traded lower again Tuesday, extending the bear cycle that started Aug 27. The move down is considered corrective and this is allowing a recent overbought condition to unwind. Support at the 20-day EMA, at 1.3058, has been pierced. A clear break would signal scope for a deeper retracement, potentially towards the 50-day EMA, at 1.2956. For bulls, a reversal higher would refocus attention on key short-term resistance at 1.3266, Aug 27 high.