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GBPUSD TECHS
  • RES 4: 1.2332 High Jun 27
  • RES 3: 1.2213 High Jun 29
  • RES 2: 1.2125 High Jul 5
  • RES 1: 1.2064 High Jul 22
  • PRICE: 1.2036 @ 16:03 BST Jul 22
  • SUP 1: 1.1760 Low Jul 14 and the bear trigger
  • SUP 2: 1.1673 1.00 proj of the May 27 - Jun 14 - 16 price swing
  • SUP 3: 1.1640 Low Mar 25 2020
  • SUP 4: 1.1503 Low Mar 24 2020

GBPUSD touched a new weekly high ahead of the Friday close, rallying to touch 1.2064 and holding the bulk of the gains. The sustainability of the late rally will be key for price action going forward, and would rebuke the recent sell-on-rallies theme. A downtrend remains in place for now, with the focus on 1.1673 next, a Fibonacci projection. Firm resistance is seen at 1.2125, marking the July 5 high. A break would signal scope for a stronger short-term correction.

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