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Trend Needle Points South

GBPUSD TECHS
  • RES 4: 1.3272 Bull channel top drawn from the Mar 8 low
  • RES 3: 1.3142 High Jul 14 and the bull trigger
  • RES 2: 1.3045 High Jul 19
  • RES 1: 1.2887/2996 High Jul 28 / 27 and a key resistance
  • PRICE: 1.2832 @ 06:02 BST Aug 1
  • SUP 1: 1.2745 50-day EMA
  • SUP 2: 1.2729 Bull channel base drawn from the Mar 8 low
  • SUP 3: 1.2674 Low Jul 6
  • SUP 4: 1.2591 Low Jun 29

GBPUSD remains below last Thursday’s high of 1.2996. Last week’s move lower reinforces a bearish theme. Support at 1.2798 the Jul 24 low, has been breached and attention is on the 50-day EMA at 1.2745. Note that the base of a bull channel, drawn from the Mar 8 low and a key support, lies at 1.2729 today. A clear break of the 1.2745-29 support zone would strengthen a bearish theme. First key resistance is at 1.2996.

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  • RES 4: 1.3272 Bull channel top drawn from the Mar 8 low
  • RES 3: 1.3142 High Jul 14 and the bull trigger
  • RES 2: 1.3045 High Jul 19
  • RES 1: 1.2887/2996 High Jul 28 / 27 and a key resistance
  • PRICE: 1.2832 @ 06:02 BST Aug 1
  • SUP 1: 1.2745 50-day EMA
  • SUP 2: 1.2729 Bull channel base drawn from the Mar 8 low
  • SUP 3: 1.2674 Low Jul 6
  • SUP 4: 1.2591 Low Jun 29

GBPUSD remains below last Thursday’s high of 1.2996. Last week’s move lower reinforces a bearish theme. Support at 1.2798 the Jul 24 low, has been breached and attention is on the 50-day EMA at 1.2745. Note that the base of a bull channel, drawn from the Mar 8 low and a key support, lies at 1.2729 today. A clear break of the 1.2745-29 support zone would strengthen a bearish theme. First key resistance is at 1.2996.