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Key Support Cleared

GBPUSD TECHS
  • RES 4: 1.2004 Low Aug 5
  • RES 3: 1.1860 50-day EMA
  • RES 2: 1.1783 High Aug 29
  • RES 1: 1.1590/1738 High Sep 14 / 13
  • PRICE: 1.1409 @ 19:42 BST Sep 16
  • SUP 1: 1.1351 Low Sep 16
  • SUP 2: 1.1324 1.50 proj of the Jun 16 - Jul 14 - Aug 1 price swing
  • SUP 3: 1.1300 Round number support
  • SUP 4: 1.1248 1.618 proj of the Jun 16 - Jul 14 - Aug 1 price swing

GBPUSD remains soft. The reversal lower last week reinforces bearish conditions and confirmed the end of the recent corrective bounce. A continued bearish sequence of lower lows and lower highs highlights a broader bear cycle. Note that moving average studies are in a bear mode set-up too. Key support at 1.1412, Mar 20 2020 low has been cleared. This strengthens bearish conditions and opens 1.1324. Key resistance is 1.1738.

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