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Oversold But Still Heading South

GBPUSD TECHS
  • RES 4: 1.2080 High Aug 18
  • RES 3: 1.2000 50-day EMA
  • RES 2: 1.1816/1901 20-day EMA / High Aug 26 and key resistance
  • RES 1: 1.1624/1760 High Sep 1 / Low Jul 14 and recent breakout lvl
  • PRICE: 1.1454@ 06:20 BST Sep 5
  • SUP 1: 1.1412 Low Mar 20 2020 and a major support
  • SUP 2: 1.1324 1.50 proj of the Jun 16 - Jul 14 - Aug 1 price swing
  • SUP 3: 1.1300 Round number support
  • SUP 4: 1.1248 1.618 proj of the Jun 16 - Jul 14 - Aug 1 price swing

The current downtrend in GBPUSD remains intact and the pair is trading lower once again, as it starts the week on a bearish note. The move lower maintains the current bearish sequence of lower lows and lower highs. The trend has entered oversold territory however this does not appear to be a concern for bears. The focus is on 1.1412 next, the Mar 20 2020 low and a major support. Initial firm resistance is seen at 1.1816, the 20-day EMA.

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