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Trend Needle Points South

GBPUSD TECHS
  • RES 4: 1.2746 High Aug 30 and key resistance
  • RES 3: 1.2627 50-day EMA
  • RES 2: 1.2548 High Sep 11 and Low Aug 25
  • RES 1: 1.2446 Low Sep 7
  • PRICE: 1.2392 @ 19:44 BST Sep 19
  • SUP 1: 1.2369 Low Jun 5
  • SUP 2: 1.2308 Low May 25 and a key support
  • SUP 3: 1.2227 2.236 projection of the Jul 14 - 24 - 27 price swing
  • SUP 4: 1.2120 76.4% retracement of the Mar 8 - Jul 14 bull leg

The trend needle in GBPUSD continues to point south and the pair is trading at its recent lows. The move lower once again confirms a resumption of the downtrend and maintains the bearish price sequence of lower lows and lower highs. The focus is 1.2369, the Jun 5 low, and 1.2308, the May 25 low and a key support. On the upside, initial firm resistance is seen at 1.2548, the Sep 11 high. Short-term gains would be considered corrective.

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