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: 1.2751 @ 15:48 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 traded initially higher Thursday, piercing the 20-day EMA in the process. This price action reversed into the close, putting the pair in only minor positive territory ahead of the close. 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.