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Southbound

GBPUSD TECHS
  • RES 4: 1.2039 50-day EMA
  • RES 3: 1.2004 Low Aug 5
  • RES 2: 1.1880/ 1901 20-day EMA / High Aug 26 and key resistance
  • RES 1: 1.1760 Low Jul 14 and a recent breakout level
  • PRICE: 1.1580 @ 06:24 BST Sep 1
  • SUP 1: 1.1568 Intraday low
  • SUP 2: 1.1495 1.236 proj of the Jun 16 - Jul 14 - Aug 1 price swing
  • SUP 3: 1.1447 Low Mar 23 2020
  • SUP 4: 1.1412 Low Mar 20 2020 and a major support

GBPUSD bears remain in the driver’s seat and the pair is trading lower again today, retaining the bearish theme. This week’s sell-off has resulted in a break of 1.1718, Aug 23 low. This confirms a resumption of primary downtrend. Note that moving average studies are in a clear bear mode position too, highlighting current sentiment. The focus is on 1.1503 next, Mar 24 2020 low. 1.1901, Aug 26 high marks the first key short-term resistance.

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