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Path Of Least Resistance Remains Down

GBPUSD TECHS
  • RES 4: 1.2020 50-day EMA
  • RES 3: 1.2004 Low Aug 5
  • RES 2: 1.1848/1901 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: 1.1553 @ 06:04 BST Sep 2
  • SUP 1: 1.1495 1.236 proj of the Jun 16 - Jul 14 - Aug 1 price swing
  • SUP 2: 1.1447 Low Mar 23 2020
  • SUP 3: 1.1412 Low Mar 20 2020 and a major support
  • SUP 4: 1.1324 1.50 proj of the Jun 16 - Jul 14 - Aug 1 price swing

The current downtrend in GBPUSD remains intact and the pair traded lower again Thursday, extending this week’s slide. The recent breach of support at 1.1718, Aug 23 low, confirms a resumption of the primary downtrend. Note that moving average studies are in a clear bear mode position too, highlighting current sentiment. The focus is on 1.1495 next, a Fibonacci projection. 1.1901, the Aug 26 high marks the first key short-term resistance.

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