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Trades Through Support

GBPUSD TECHS
  • RES 4: 1.2518 High Jun 6
  • RES 3: 1.2406 High Jun 16 and a key resistance
  • RES 2: 1.2332 High Jun 27
  • RES 1: 1.2175/2293 20-day EMA / High Aug 01
  • PRICE: 1.1991 @ 16:41 BST Aug 18
  • SUP 1: 1.1961 Low Jul 25
  • SUP 2: 1.1890 Low Jul 21
  • SUP 3: 1.1760 Low Jul 14 and the bear trigger
  • SUP 4: 1.1673 1.00 proj of the May 27 - Jun 14 - 16 price swing

GBPUSD traded lower Friday and has moved below support at 1.2004, the Aug 5 low. The break lower strengthens a short-term bearish condition and an extension lower would open 1.1890, the Jul 21 low. This also suggests scope for a test of the key support at 1.1760, the Jul 14 low. Key short-term resistance is unchanged at 1.2293, Aug 1 high. A break is required to reinstate a bullish theme.

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