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Remains Under Pressure

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 and the bull trigger
  • RES 1: 1.3319/3403 High Sep 4 / High Sep 2
  • PRICE: 1.3180 @ 10:37 BST Sep 7
  • SUP 1: 1.3162 Low Aug 27
  • SUP 2: 1.3117 Low Aug 26
  • SUP 3: 1.3054 Low Aug 24 and the bear trigger
  • SUP 4: 1.3005/2982 Low Aug 12 / 50-day EMA

The GBPUSD bull trend remains intact however a correction that unfolded last week dominates for now. Price is pressuring Friday's low of 1.3176 and a clear break would suggest scope for a deeper pullback. This would potentially open key support at 1.3054, Aug 24 low where a break would highlight a more meaningful reversal. Initial resistance is at 1.3319, Sep 4 high. Clearance of 1.3482, Sep 1 high is required to resume the uptrend.

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