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Key Resistance At 1.3267

CABLE TECHS
  • RES 4: 1.3312 1.00 proj of Mar 20 - Apr 14 rally from May 18 low
  • RES 3: 1.3284 High Dec 31, 2019
  • RES 2: 1.3278 High 2020 (Jan 1)
  • RES 1: 1.3267 Aug 19 high and the bull trigger
  • PRICE: 1.3240 @ 05:50 BST Aug 21
  • SUP 1: 1.3065 Aug 20 low
  • SUP 2: 1.3005 Low Aug 12 and the bear trigger
  • SUP 3: 1.2982 Low Aug 4 and a key support
  • SUP 4: 1.2945 Low Jul 30

GBPUSD sold off sharply Wednesday but has since retraced some of these losses. Wednesday's move lower is a potentially important bearish threat. If correct, it signals the start of a correction. The daily pattern is a bearish engulfing candle and is reinforced by bearish divergence between price and momentum. Key resistance is at 1.3267, Wednesday' high. A break would resume the uptrend. Watch key support at 1.3005/2982.

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