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Trend Needle Still Points South

  • RES 4: 1.1929 50-day EMA
  • RES 3: 1.1901 High Aug 26 and key resistance
  • RES 2: 1.1718 20-day EMA
  • RES 1: 1.1648 High Sep 6
  • PRICE: 1.1586 @ 16:07 BST Sep 9
  • SUP 1: 1.1412/06 Low Mar 20 2020 and major support / Low Sep 7
  • SUP 2: 1.1324 1.50 proj of the Jun 16 - Jul 14 - Aug 1 price swing
  • SUP 3: 1.1300 Round number support
  • SUP 4: 1.1248 1.618 proj of the Jun 16 - Jul 14 - Aug 1 price swing

The trend needle in GBPUSD continues to point south despite Friday’s strength. A bearish sequence of lower lows and lower highs and Wednesday’s fresh trend low print reinforce bearish conditions. The trend is oversold, however, this does not appear to be a concern for bears. Key support at 1.1412, Mar 20 2020 low, has been pierced. This is a major support and a clear break would strengthen bearish conditions. Firm resistance is at 1.1718, the 20-day EMA.

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