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Key Short-Term Support Intact - For Now

GBPUSD TECHS
  • RES 4: 1.1329 20-day EMA
  • RES 3: 1.1274 High Sep 23
  • RES 2: 1.1000 Round number resistance
  • RES 1: 1.0931 High Sep 26
  • PRICE: 1.0651 @ 06:12 BST Sep 28
  • SUP 1: 1.0350 All Time Low
  • SUP 2: 1.0203 3.236 proj of the Jun 16 - Jul 14 - Aug 1 price swing
  • SUP 3: 1.0108 3.382 proj of the Jun 16 - Jul 14 - Aug 1 price swing
  • SUP 4: 1.0032 3.50 proj of the Jun 16 - Jul 14 - Aug 1 price swing

Bearish trend conditions in GBPUSD remain intact. Monday’s volatile price activity defined an important short-term support at 1.0350. The trend is down and a break of this level would confirm a resumption of bearish activity. Monday’s close also highlights an important candle pattern - a hammer and a potential reversal signal. A break above Monday’s high is required to strengthen this signal and this would highlight a short-term base.

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