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Holding Onto Recent Gains

GBPUSD TECHS
  • RES 4: 1.3983/90 High Jul 30 / 61.8% of the Jun 1 - Jul 20 sell-off
  • RES 3: 1.3916 High Aug 9
  • RES 2: 1.3847 50-day EMA
  • RES 1: 1.3786 High Aug 18
  • PRICE: 1.3728 @ 20:25 BST Aug 24
  • SUP 1: 1.3602 Low Aug 20
  • SUP 2: 1.3572 Low Jul 20 and the bear trigger
  • SUP 3: 1.3520 Low Jan 18
  • SUP 4: 1.3452 Low Jan 11

GBPUSD traded sharply higher Monday and is holding onto gains. Despite the climb, a bearish theme still dominates. This follows last week's sell-off that reinforces a bearish condition. Price is below the 50-day EMA and attention is on key support at 1.3572, Jul 20 low. For bulls, a convincing recovery back above the 50-day EMA at 1.3847 is required to ease the current bearish pressure. Initial resistance is at 1.3786, Aug 18 high.

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