Free Trial

Short-Term Support Remains Exposed

GBPUSD TECHS
  • RES 4: 1.3254 Bull channel top drawn from the Mar 8 low
  • RES 3: 1.3142 High Jul 14 and the bull trigger
  • RES 2: 1.3045 High Jul 19
  • RES 1: 1.2996 High Jul 27
  • PRICE: 1.2858 @ 16:02 BST Jul 27
  • SUP 1: 1.2801/2798 61.8% of the Jun 29 - Jul 14 Upleg / Low Jul 24
  • SUP 2: 1.2751 Low Jul 10
  • SUP 3: 1.2734 50-day EMA
  • SUP 4: 1.2702 Bull channel base drawn from the Mar 8 low

GBPUSD has stalled at Thursday’s high and is down sharply as the USD rallies. The move lower highlights the fact that a bear cycle remains in play. If correct, this leaves support at 1.2798 exposed, the Jul 24 low. A break would signal scope for an extension lower towards the 50-day EMA at 1.2734. The base of the bull channel, drawn from the Mar 8 low and a key support, crosses at 1.2702. First resistance is at 1.2996, today’s high.

MNI London Bureau | +44 203-865-3809 | edward.hardy@marketnews.com

To read the full story

Close

Why MNI

MNI is the leading provider

of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.

Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.