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Outlook Remains Bearish

GBPUSD TECHS
  • RES 4: 1.2495 76.4% retracement of the May 27 - Jun 14 downleg
  • RES 3: 1.2406 High Jun 16 and a key resistance
  • RES 2: 1.2332 High Jun 27
  • RES 1: 1.2125/2167 High Jul 5 / 20-day EMA
  • PRICE: 1.1989 @ 06:25 BST Jul 11
  • SUP 1: 1.1846 0.764 proj of the May 27 - Jun 14 - 16 price swing
  • SUP 2: 1.1795 0.764 proj of the Mar 23 - May 13 - 27 price swing
  • SUP 3: 1.1777 Low Mar 26 2020
  • SUP 4: 1.1673 1.00 proj of the May 27 - Jun 14 - 16 price swing

Trend conditions in GBPUSD remain bearish and short-term gains are considered corrective. Last week’s move lower resulted in a break of a bear trigger at 1.1934, Jun 14 low. The breach of this support reinforces bearish conditions and confirms a resumption of the downtrend. The focus is on 1.1795 next, a Fibonacci projection. Weakness through here would open the Mar 26 2020 lows of 1.1777. Firm resistance is at 1.2167, 20-day EMA.

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