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Off Recent Highs

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: 1.3319/3403 High Sep 4 / High Sep 2
  • PRICE: 1.3230 @ 05:55 BST Sep 7
  • SUP 1: 1.3176 Low Sep 4
  • SUP 2: 1.3117 Low Aug 26
  • SUP 3: 1.3054 Low Aug 24 and the bear trigger
  • SUP 4: 1.3005 Low Aug 12

The GBPUSD bull trend remains intact however a correction that unfolded last week also remains in place for now. Last week's breach 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 however is last Tuesday's bearish candle pattern, a "shooting star". A deeper sell-off would expose 1.3054, Aug 24 low.

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