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Resumes Its Downtrend

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: 1.2125/2256 High Jul 5 / 20-day EMA
  • PRICE: 1.1917 @ 16:14 BST Jul 6
  • 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

The downtrend in GBPUSD accelerated this week, and the pair is trading lower again Wednesday. This week’s activity has resulted in a break of support and bear trigger at 1.1934, the Jun 14 low. The move through this level reinforces bearish conditions and confirms a resumption of the downtrend. The focus is 1.1795, a Fibonacci projection. Weakness through here would open the Mar 26 2020 lows of 1.1777. First key resistance is at 1.2226, the 20-day EMA.

MNI London Bureau | +44 203-865-3809 | edward.hardy@marketnews.com
Foreign Exchange Technical AnalysisHomepagemarkets-real-timeBulletMarketsForeign Exchange Bullets
MNI London Bureau | +44 203-865-3809 | edward.hardy@marketnews.com
Foreign Exchange Technical AnalysisHomepagemarkets-real-timeBulletMarketsForeign Exchange Bullets

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