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GBPUSD TECHS: Testing Support At The 20-Day EMA

GBPUSD TECHS
USForeign Exchange Technical AnalysisGlobalCEEMEABulletUKMarketsForeign Exchange BulletsRegionNorth America
  • RES 4: 1.3629 2.236 proj of the Jun 27 - Jul 17 - Aug 8 price swing
  • RES 3: 1.3527 2.00 proj of the Jun 27 - Jul 17 - Aug 8 price swing
  • RES 2: 1.3500 Round number resistance
  • RES 1: 1.3389/3434 Oct 1 / High Sep 26 and the bull trigger 
  • PRICE: 1.3271 @ 06:22 BST Oct 2
  • SUP 1: 1.3253/37 - 20-day EMA / Low Oct 1
  • SUP 2: 1.3213 Trendline support drawn from the Aug 8 low  
  • SUP 3: 1.3154 Low Sep 19   
  • SUP 4: 1.3107 50-day EMA  

GBPUSD traded lower Tuesday as a short-term correction extends. Support at the 20-day EMA - at 1.3253 - has been pierced. A clear break of this EMA would signal scope for a deeper correction, potentially towards the 50-day EMA at 1.3107. The trend condition remains bullish and moving average studies are in a bull-mode position, reflecting a clear uptrend. A resumption of gains would refocus attention on the 1.3500 handle.

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  • RES 4: 1.3629 2.236 proj of the Jun 27 - Jul 17 - Aug 8 price swing
  • RES 3: 1.3527 2.00 proj of the Jun 27 - Jul 17 - Aug 8 price swing
  • RES 2: 1.3500 Round number resistance
  • RES 1: 1.3389/3434 Oct 1 / High Sep 26 and the bull trigger 
  • PRICE: 1.3271 @ 06:22 BST Oct 2
  • SUP 1: 1.3253/37 - 20-day EMA / Low Oct 1
  • SUP 2: 1.3213 Trendline support drawn from the Aug 8 low  
  • SUP 3: 1.3154 Low Sep 19   
  • SUP 4: 1.3107 50-day EMA  

GBPUSD traded lower Tuesday as a short-term correction extends. Support at the 20-day EMA - at 1.3253 - has been pierced. A clear break of this EMA would signal scope for a deeper correction, potentially towards the 50-day EMA at 1.3107. The trend condition remains bullish and moving average studies are in a bull-mode position, reflecting a clear uptrend. A resumption of gains would refocus attention on the 1.3500 handle.