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GBPUSD TECHS: Testing Trendline Support

GBPUSD TECHS
  • RES 4: 1.3142 High Jul 14 ‘23 and a key resistance    
  • RES 3: 1.3110 Bull channel top drawn from the Oct 4 ‘23 low
  • RES 2: 1.2938/3044 High Jul 24 / 17 and the bull trigger
  • RES 1: 1.2863 Intraday high  
  • PRICE: 1.2779 @ 16:13 BST Aug 1
  • SUP 1: 1.2752 Trendline support drawn from the Apr 22 low 
  • SUP 2: 1.2700 Round number support
  • SUP 3: 1.2672 50.0 retracement of the Apr 22 - Jul 17 bull cycle  
  • SUP 4: 1.2613 Low Jun 27 and a key support  

GBPUSD traded sharply lower Thursday, however, price has recovered from the session low. Note that support has been established just below the 50-day EMA - at 1.2792 - and a trendline at 1.2752, drawn from the Apr 22 low. A clear break of the EMA and the trendline, would suggest scope for an extension towards the 1.2700. Initial resistance to watch is at 1.2863, today’s intraday high.

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