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Testing Trendline Support

GBPUSD TECHS
Foreign Exchange Technical AnalysisHomepagemarkets-real-timeBulletMarketsForeign Exchange Bullets
  • RES 4: 1.3142 High Jul 14 ‘23 and a key resistance
  • RES 3: 1.3110 Bull channel top drawn from the Oct 4 ‘23 low
  • RES 2: 1.2938/3044 High Jul 24 / 17 and the bull trigger
  • RES 1: 1.2863 Intraday high
  • PRICE: 1.2765 @ 12:29 BST Aug 1
  • SUP 1: 1.2752 Trendline support drawn from the Apr 22 low
  • SUP 2: 1.2700 Round number support
  • SUP 3: 1.2672 50.0 retracement of the Apr 22 - Jul 17 bull cycle
  • SUP 4: 1.2613 Low Jun 27 and a key support

GBPUSD has traded sharply lower today, reinforcing current bearish conditions. The pair has traded through support around the 50-day EMA - at 1.2792. A clear break of the EMA would suggest scope for an extension towards the 1.2700. Note that a trendline support lies at 1.2752, drawn from the Apr 22 low. Clearance of this line would also reinforce a bearish threat. Initial resistance is 1.2863, today’s intraday high.

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  • RES 4: 1.3142 High Jul 14 ‘23 and a key resistance
  • RES 3: 1.3110 Bull channel top drawn from the Oct 4 ‘23 low
  • RES 2: 1.2938/3044 High Jul 24 / 17 and the bull trigger
  • RES 1: 1.2863 Intraday high
  • PRICE: 1.2765 @ 12:29 BST Aug 1
  • SUP 1: 1.2752 Trendline support drawn from the Apr 22 low
  • SUP 2: 1.2700 Round number support
  • SUP 3: 1.2672 50.0 retracement of the Apr 22 - Jul 17 bull cycle
  • SUP 4: 1.2613 Low Jun 27 and a key support

GBPUSD has traded sharply lower today, reinforcing current bearish conditions. The pair has traded through support around the 50-day EMA - at 1.2792. A clear break of the EMA would suggest scope for an extension towards the 1.2700. Note that a trendline support lies at 1.2752, drawn from the Apr 22 low. Clearance of this line would also reinforce a bearish threat. Initial resistance is 1.2863, today’s intraday high.