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Monitoring A Bearish Threat

CABLE TECHS
  • RES 4: 1.3604 1.236 proj of Mar 20 - Apr 14 rally from May 18 low
  • RES 3: 1.3514 High Dec 13, 2019 and a key resistance
  • RES 2: 1.3482 High Sep 1
  • RES 1: 1.3403 High Sep 2
  • PRICE: 1.3294 @ 10:38 BST Sep 4
  • SUP 1: 1.3243 Low Sep 3
  • SUP 2: 1.3182 20-day EMA
  • SUP 3: 1.3117 Low Aug 26
  • SUP 4: 1.3054 Low Aug 24 and the bear trigger

The GBPUSD bull trend remains intact however a correction has unfolded this week. Last week's break of 1.3267, Aug 19 high, confirmed a resumption of the uptrend that has been in place since March, and has opened major resistance at 1.3514, Dec 13, 2019 high. A concern for bulls is Tuesday's weak close and a bearish candle pattern, a "shooting star". A sharper sell-off would signal the start of a deeper correction and expose 1.3054, Aug 24 low.

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