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In A Range But Outlook Remains Bearish

  • RES 4: 1.3045 High Jul 19
  • RES 3: 1.2996 High Jul 27 and a key resistance
  • RES 2: 1.2887 High Jul 28
  • RES 1: 1.2762/2819 20-day EMA / High Aug 10 and a reversal trigger
  • PRICE: 1.2725@ 06:20 BST Aug 17
  • SUP 1: 1.2617 Low Aug 14
  • SUP 2: 1.2591 Low Jun 29 and a key support
  • SUP 3: 1.2480 1.50 projection of the Jul 14 - 24 - 27 price swing
  • SUP 4: 1.2439 1.618 projection of the Jul 14 - 24 - 27 price swing

GBPUSD is trading in a range for now. The trend condition remains bearish and the Aug 14 low of 1.2621 marks the short-term bear trigger. A break would confirm a resumption of the downtrend and pave the way for a test of the next objective at 1.2591, the Jun 29 low and the next important support. On the upside, key short-term resistance has been defined at 1.2819, the Aug 19 high. A break would signal a possible reversal.

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