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Trend Remains Down

GBPUSD TECHS
  • RES 4: 1.2332 High Jun 27
  • RES 3: 1.2213 High Jun 29
  • RES 2: 1.2049/56 20-day EMA / High Jul 8
  • RES 1: 1.2033 High Jul 18
  • PRICE: 1.2002 @ 16:18 BST Jul 18
  • SUP 1: 1.1760 Low Jul 14
  • 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 bounced well on Monday, but the outlook remains bearish despite the corrective rally. The recent move lower confirmed a resumption of the current downtrend and maintains the bearish price sequence of lower lows and lower highs. The focus is on 1.1673 next, a Fibonacci projection. Firm resistance is seen at 1.2049, the 20-day EMA. A break would signal scope for a short-term correction.

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