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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.

Foreign Exchange Technical AnalysisHomepagemarkets-real-timeBulletMarketsForeign Exchange Bullets
Foreign Exchange Technical AnalysisHomepagemarkets-real-timeBulletMarketsForeign Exchange Bullets

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