Free Trial

GBPUSD TECHS: Trading At Its Recent Lows

GBPUSD TECHS
  • RES 4: 1.3425 1.764 proj of the Jun 27 - Jul 17 - Aug 8 price swing  
  • RES 3: 1.3362 1.618 proj of the Jun 27 - Jul 17 - Aug 8 price swing  
  • RES 2: 1.3328 76.4% retrace of the Jun 2021 - Sep 2022 bear leg
  • RES 1: 1.3200/3266 High Aug 30 / 27 and the bull trigger 
  • PRICE: 1.3119 @ 06:29 BST Sep 3
  • SUP 1: 1.3110 Low Aug 30
  • SUP 2: 1.3041 20-day EMA
  • SUP 3: 1.2975 Low Aug 20 
  • SUP 4: 1.2918 50-day EMA

A short-term bearish condition in GBPUSD remains intact and the pair is trading at its recent lows. The latest pullback still appears to be a correction and firm support to watch lies at 1.3041, the 20-day EMA. A clear break of this EMA would signal scope for a deeper retracement. Moving average studies are in a bull-mode position, highlighting a rising M/T trend condition. A resumption of gains would open 1.3328, a Fibonacci retracement. 

158 words

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.
  • RES 4: 1.3425 1.764 proj of the Jun 27 - Jul 17 - Aug 8 price swing  
  • RES 3: 1.3362 1.618 proj of the Jun 27 - Jul 17 - Aug 8 price swing  
  • RES 2: 1.3328 76.4% retrace of the Jun 2021 - Sep 2022 bear leg
  • RES 1: 1.3200/3266 High Aug 30 / 27 and the bull trigger 
  • PRICE: 1.3119 @ 06:29 BST Sep 3
  • SUP 1: 1.3110 Low Aug 30
  • SUP 2: 1.3041 20-day EMA
  • SUP 3: 1.2975 Low Aug 20 
  • SUP 4: 1.2918 50-day EMA

A short-term bearish condition in GBPUSD remains intact and the pair is trading at its recent lows. The latest pullback still appears to be a correction and firm support to watch lies at 1.3041, the 20-day EMA. A clear break of this EMA would signal scope for a deeper retracement. Moving average studies are in a bull-mode position, highlighting a rising M/T trend condition. A resumption of gains would open 1.3328, a Fibonacci retracement.