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Key Support Remains Exposed

GBPUSD TECHS
  • RES 4: 1.2004 Low Aug 5
  • RES 3: 1.1890 50-day EMA
  • RES 2: 1.1783 High Aug 29
  • RES 1: 1.1738 High Sep 13
  • PRICE: 1.1522 @ 06:02 BST Sep 15
  • SUP 1: 1.1480 Low Sep 14
  • SUP 2: 1.1412/06 Low Mar 20 2020 and major support / Low Sep 7
  • SUP 3: 1.1324 1.50 proj of the Jun 16 - Jul 14 - Aug 1 price swing
  • SUP 4: 1.1300 Round number support

The reversal lower in GBPUSD on Tuesday reinforces bearish conditions, signalling the end of the recent corrective bounce. A bearish sequence of lower lows and lower highs continues to highlight a broader bear cycle. Attention is on key support at 1.1412, the Mar 20 2020 low, that has recently been pierced. A clear break would strengthen bearish conditions. Initial resistance is at Tuesday’s high of 1.1738.

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