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Trend Needle Points South

  • 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: 1.2723 20-day EMA
  • PRICE: 1.2587 @ 15:32 BST Aug 28
  • SUP 1: 1.2521 1.382 projection of the 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 trend conditions remain bearish and last week’s move lower confirmed a clear break of support at 1.2621, the Aug 14 low. The pair has also breached 1.2591, the Jun 29 low. The move lower confirms a resumption of the downtrend and marks the end of a recent consolidative phase. The focus is on a move towards 1.2521 next, a Fibonacci projection. On the upside, firm resistance is seen at 1.2723, the 20-day EMA.

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