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Key Support Remains Exposed

GBPUSD TECHS
  • RES 4: 1.3272 Bull channel top drawn from the Mar 8 low
  • RES 3: 1.3142 High Jul 14 and the bull trigger
  • RES 2: 1.3045 High Jul 19
  • RES 1: 1.2887/2996 High Jul 28 / 27 and a key resistance
  • PRICE: 1.2859 @ 15:36 BST Jul 31
  • SUP 1: 1.2742 50-day EMA
  • SUP 2: 1.2720 Bull channel base drawn from the Mar 8 low
  • SUP 3: 1.2674 Low Jul 6
  • SUP 4: 1.2591 Low Jun 29

GBPUSD gains last week stalled at Thursday’s high resulting in a strong sell-off. The move down highlights the fact that a bear cycle is still in play. Support at 1.2798 the Jul 24 low, has been breached. This signals scope for an extension lower towards the 50-day EMA at 1.2742. Note that the base of a bull channel, drawn from the Mar 8 low and a key support, lies at 1.2720 today. First key resistance is at 1.2996, last Thursday’s high.

MNI London Bureau | +44 203-865-3809 | edward.hardy@marketnews.com
Foreign Exchange Technical AnalysisHomepagemarkets-real-timeBulletMarketsForeign Exchange Bullets
MNI London Bureau | +44 203-865-3809 | edward.hardy@marketnews.com
Foreign Exchange Technical AnalysisHomepagemarkets-real-timeBulletMarketsForeign Exchange Bullets

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