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Key Support Still Exposed

GBPUSD TECHS
  • RES 4: 1.3983/90 High Jul 30 / 61.8% of the Jun 1 - Jul 20 sell-off
  • RES 3: 1.3916 High Aug 9
  • RES 2: 1.3850/52 High Aug 17 / 50-day EMA
  • RES 1: 1.3726/86 Low Aug 17 / High Aug 18
  • PRICE: 1.3651 @ 06:07 BST Aug 23
  • SUP 1: 1.3591 Low Jul 21
  • SUP 2: 1.3572 Low Jul 20 and the bear trigger
  • SUP 3: 1.3520 Low Jan 18
  • SUP 4: 1.3452 Low Jan 11

GBPUSD resumed the pullback from 1.3983, Jul 30 high on Friday. The move lower last week reinforces a bearish condition and confirms the end of the corrective bounce in late July. Price remains below the 50-day EMA and has breached a minor support at 1.3691, the Jul 22 low. The next key support is located at 1.3572, Jul 20 low. A convincing recovery back above the 50-day EMA at 1.3852 is required to ease the current bearish pressure.

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