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GBPUSD TECHS
  • RES 4: 1.2746 High Aug 30 and key resistance
  • RES 3: 1.2607 50-day EMA
  • RES 2: 1.2548 High Sep 11 and Low Aug 25
  • RES 1: 1.1.2351/2425 Intraday high / High Sep 19
  • PRICE: 1.2256 @ 13:27 BST Sep 21
  • SUP 1: 1.2227 2.236 projection of the Jul 14 - 24 - 27 price swing
  • SUP 2: 1.2177 2.382 projection of the Jul 14 - 24 - 27 price swing
  • SUP 3: 1.2120 76.4% retracement of the Mar 8 - Jul 14 bull leg
  • SUP 4: 1.2028 Low Mar 16

GBPUSD remains in a clear downtrend and the pair has traded lower once again today. Support at 1.2308, the May 25 low, has been breached. The move down confirms a resumption of the bear trend and maintains the bearish price sequence of lower lows and lower highs. The focus is on 1.2227, a Fibonacci projection. On the upside, initial firm resistance is seen at 1.2548, the Sep 11 high. Short-term gains would be considered corrective.

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