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Remains Vulnerable

GBPUSD TECHS
  • RES 4: 1.2495 76.4% retracement of the May 27 - Jun 14 downleg
  • RES 3: 1.2406 High Jun 16 and a key resistance
  • RES 2: 1.2332 High Jun 27
  • RES 1: 1.2125/2181 High Jul 5 / 20-day EMA
  • PRICE: 1.2005 @ 06:16 BST Jul 8
  • SUP 1: 1.1846 0.764 proj of the May 27 - Jun 14 - 16 price swing
  • SUP 2: 1.1795 0.764 proj of the Mar 23 - May 13 - 27 price swing
  • SUP 3: 1.1777 Low Mar 26 2020
  • SUP 4: 1.1673 1.00 proj of the May 27 - Jun 14 - 16 price swing

GBPUSD trend conditions remain bearish and short-term gains are considered corrective. This week’s move lower resulted in a break of a bear trigger at 1.1934, Jun 14 low. The move through this support reinforces bearish conditions and confirms a resumption of the downtrend. The focus is 1.1795 next, a Fibonacci projection. Weakness through here would open the Mar 26 2020 lows of 1.1777. First key resistance is at 1.2181, 20-day EMA.

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