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Testing Resistance At The 20-Day EMA

GBPUSD TECHS
  • RES 4: 1.2996 High Jul 27 and a key resistance
  • RES 3: 1.2887 High Jul 28
  • RES 2: 1.2819 High Aug 10 and a reversal trigger
  • RES 1: 1.2705/21 20-day EMA / Intraday high
  • PRICE: 1.2714 @ 14:26 BST Aug 30
  • SUP 1: 1.2548/21 Low Aug 25 / 1.382 of Jul 14 - 24 - 27 price swing
  • SUP 2: 1.2480 1.50 projection of the Jul 14 - 24 - 27 price swing
  • SUP 3: 1.2433 Low Jun 8
  • SUP 4: 1.2369 Low Jun 5

GBPUSD is trading higher today and this has resulted in a test of resistance at 1.2705, the 20-day EMA. The trend outlook is bearish and short-term gains are considered corrective. Last week’s move lower resulted in a break of support at 1.2621, the Aug 14 low and 1.2591, the Jun 29 low. This confirms a resumption of the downtrend and opens 1.2521, a Fibonacci projection. On the upside, clearance of the 20-day EMA would expose 1.2819.

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