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Holding Onto Recent Corrective Gains

  • RES 4: 1.4074 Low Jun 10
  • RES 3: 1.4001 High Jun 23 and key resistance
  • RES 2: 1.3806/3887 20-day EMA / 50-day EMA
  • RES 1: 1.3790 High Jul 19
  • PRICE: 1.3755 @ 06:21 BST Jul 26
  • SUP 1: 1.3691/3572 Low Jul 22 / Low Jul 20
  • SUP 2: 1.3520/3493 Low Jan 18 / 2.0%10-dma envelope
  • SUP 3: 1.3452 Low Jan 11
  • SUP 4: 1.3430 Low Dec 28, 2020

GBPUSD is trading near recent highs. A bearish trend structure remains intact and recent gains are considered corrective. The break on Jul 20 of 1.3669, Apr 12 low reinforces a bearish theme and moving average studies continue to point south. The pair has recently tested 1.3579, 38.2% of the Mar '20 - Jun rally. An extension lower would open 1.3520, Jan 18 low. The 2.0% 10-dma envelope intersects at 1.3493. Initial resistance is at 1.3790.

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