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GBPUSD TECHS: Tests Support At The 50-Day EMA

GBPUSD TECHS
USForeign Exchange Technical AnalysisGlobalCEEMEABulletUKMarketsForeign Exchange BulletsRegionNorth America
  • RES 4: 1.3527 2.00 proj of the Jun 27 - Jul 17 - Aug 8 price swing
  • RES 3: 1.3500 Round number resistance
  • RES 2: 1.3389/3434 Oct 1 / High Sep 26 and the bull trigger
  • RES 1:  1.3242 20-day EMA
  • PRICE: 1.3132 @ 06:13 BST Oct 4
  • SUP 1: 1.3113/3092 50-day EMA / Low Oct 3 
  • SUP 2: 1.3049 50.0% retracement of the Aug 8 - Sep 25 bull leg 
  • SUP 3:  1.3002 Low Sep 11 
  • SUP 4:  1.2959 61.8% retracement of the Aug 8 - Sep 25 bull leg

GBPUSD maintains a softer short-term tone following this week’s sell-off. The pair has breached support at the 20-day EMA and has pierced the 50-day EMA at 1.3113. A clear break of this average would strengthen a bearish threat and open 1.3049, a Fibonacci retracement. For now, the medium-term trend condition remains bullish. Initial resistance to watch is 1.3242, the 20-day EMA. A break of it would signal a possible bullish reversal.

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  • RES 4: 1.3527 2.00 proj of the Jun 27 - Jul 17 - Aug 8 price swing
  • RES 3: 1.3500 Round number resistance
  • RES 2: 1.3389/3434 Oct 1 / High Sep 26 and the bull trigger
  • RES 1:  1.3242 20-day EMA
  • PRICE: 1.3132 @ 06:13 BST Oct 4
  • SUP 1: 1.3113/3092 50-day EMA / Low Oct 3 
  • SUP 2: 1.3049 50.0% retracement of the Aug 8 - Sep 25 bull leg 
  • SUP 3:  1.3002 Low Sep 11 
  • SUP 4:  1.2959 61.8% retracement of the Aug 8 - Sep 25 bull leg

GBPUSD maintains a softer short-term tone following this week’s sell-off. The pair has breached support at the 20-day EMA and has pierced the 50-day EMA at 1.3113. A clear break of this average would strengthen a bearish threat and open 1.3049, a Fibonacci retracement. For now, the medium-term trend condition remains bullish. Initial resistance to watch is 1.3242, the 20-day EMA. A break of it would signal a possible bullish reversal.