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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: 1.3173 @ 18:06 BST Sep 7
  • SUP 1: 1.3141 Low Sep
  • 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. The pair extended the move lower Monday trading below Friday's 1.3176 low. The clear break suggests scope for a deeper pullback and has potentially opened a key support at 1.3054, Aug 24 low where a breach would highlight a more meaningful reversal. Initial resistance is at 1.3319, Sep 4 high.

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