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Free AccessTrend 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: 1.2705 20-day EMA
- PRICE: 1.2625 @ 06:02 BST Aug 30
- 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 continues to trade closer to its recent lows and trend conditions remain bearish following last week’s move lower. This resulted in a break of support at 1.2621, the Aug 14 low and the pair has also breached 1.2591, the Jun 29 low. This confirms a resumption of the downtrend and the end of a recent consolidative phase. The focus is on 1.2521, a Fibonacci projection. On the upside, firm resistance is unchanged at 1.2705, the 20-day EMA.
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Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.