Free Trial

Strong Reversal

GBPUSD TECHS
  • RES 4: 1.2004 Low Aug 5
  • RES 3: 1.1890 50-day EMA
  • RES 2: 1.1783 High Aug 29
  • RES 1: 1.1738 High Sep 13
  • PRICE: 1.1518 @ 06:19 BST Sep 14
  • SUP 1: 1.1482 Intraday low
  • SUP 2: 1.1412/06 Low Mar 20 2020 and major support / Low Sep 7
  • SUP 3: 1.1324 1.50 proj of the Jun 16 - Jul 14 - Aug 1 price swing
  • SUP 4: 1.1300 Round number support

GBPUSD reversed lower yesterday, reinforcing bearish conditions and signalling the end of the recent corrective bounce. A bearish sequence of lower lows and lower highs continues to highlight a broader bear cycle. Key support at 1.1412, Mar 20 2020 low, has recently been pierced. This is a key level and a clear break would strengthen bearish conditions. Initial resistance is at Tuesday’s high of 1.1738.

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.