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Trend Needle Still Points South

GBPUSD TECHS
  • RES 4: 1.2217 High Aug 12
  • RES 3: 1.2102 50-day EMA
  • RES 2: 1.1980/2004/1.2016 20-day EMA / Low Aug 5
  • RES 1: 1.1878/1938 High Aug 23 / 19
  • PRICE: 1.1787 @ 16:04 BST Aug 26
  • SUP 1: 1.1718 Low Aug 23
  • SUP 2: 1.1673 1.00 proj of the May 27 - Jun 14 - 16 price swing
  • SUP 3: 1.1640 Low Mar 25 2020
  • SUP 4: 1.1503 Low Mar 24 2020

GBPUSD finished the session lower, wholly reversing a brief intraday rally. This keeps the outlook bearish after recent weakness resulted in the break of support at 1.1760, the Jul 14 low and bear trigger. Price action has confirmed a resumption of the broader downtrend and paves the way for a move towards 1.1673, a Fibonacci projection. On the upside, firm short-term resistance is seen at 1.2004, the Aug 5 low.

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