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Strong Bounce

GBPUSD TECHS
  • RES 4: 1.3114 - 2.00 proj of the APr 22 - May 3 - 9 price swing
  • RES 3: 1.3044 High Jul 17 and the bull trigger
  • RES 2: 1.2955 76.4% retracement of the Jul 17 - Aug 8 bear leg
  • RES 1: 1.2899 61.8% retracement of the Jul 17 - Aug 8 bear leg
  • PRICE: 1.2860 @ 06:15 BST Aug 14
  • SUP 1:1.2762/2665 Low Aug 14 / 8 and the bear trigger
  • SUP 2: 1.2613 Low Jun 27 and a key support
  • SUP 3: 1.2584 61.8% retracement of the Apr 22 - Jul 17 bull cycle
  • SUP 4: 1.2510 Low May 14

GBPUSD traded higher Tuesday and the pair is holding on to this week’s gains. The climb undermines the recent bearish theme and price has traded above the 20-day EMA - at 1.2804. A continuation higher would highlight a stronger reversal and signal scope for a climb towards 1.2955, a Fibonacci retracement. Key support has been defined at 1.2665, the Aug 8 low, where a break is required to once again resume recent bearish activity.

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