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GBPUSD TECHS: Trading At Its Recent Lows

GBPUSD TECHS
USForeign Exchange Technical AnalysisGlobalCEEMEABulletUKMarketsForeign Exchange BulletsRegionNorth America
  • 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. 

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  • 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.