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BLOCK, Second Dec Put Condor Adjusts Strikes


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Shallow Bounce

  • RES 4: 1.4133 High Jun 16
  • RES 3: 1.4088 76.4% retracement of the Jun 1 - Jul 20 sell-off
  • RES 2: 1.4001 High Jun 23
  • RES 1: 1.3990 61.8% retracement of the Jun 1 - Jul 20 sell-off
  • PRICE: 1.3831 @ 16:47 BST Aug 12
  • SUP 1: 1.3767 Low Jul 27
  • SUP 2: 1.3691 Low Jul 22
  • SUP 3: 1.3572 Low Jul 20 and the bear trigger
  • SUP 4: 1.3520/10 Low Jan 18 / 2.0%10-dma envelope

GBPUSD is returning lower Thursday, keeping the week's lows under pressure. The pair remains below the 50-day EMA at 1.3886, the key upside level. A close back above here signals scope for gains towards 1.3990 next, a Fibonacci retracement. Support undercuts at the Jul 27 low of 1.3767. Should this give way, the outlook deteriorates, opening scope toward the bear trigger of 1.3572.

MNI London Bureau | +44 203-865-3809 |
MNI London Bureau | +44 203-865-3809 |

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