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Triangle Breakout

GBPUSD TECHS
  • RES 4: 1.3958 High Aug 4
  • RES 3: 1.3913 High Sep 14 and a key resistance
  • RES 2: 1.3743/89 20-day EMA / 50-day EMA
  • RES 1: 1.3602 Low Aug 20 and recent breakout level
  • PRICE: 1.3541 @ 13:53 BST Sep 28
  • SUP 1: 1.3520 Low Jan 18
  • SUP 2: 1.3462 50.0% retracement of the Sep '20 - Jan bull phase
  • SUP 3: 1.3430 Low Dec 28, 2020
  • SUP 4: 1.3354 Low Dec 23, 2020

GBPUSD is down sharply today and in the process has cleared a host of key supports. The triangle base at 1.3637, drawn from the Jul 20 low has been breached and this has led to a move below 1.3602, the Aug 20 low. Note too that Cable has also traded through 1.3572, the Jul 20 low. The focus is on weakness towards 1.3462 next, 50.0% of the Sep '20 - Jan bull phase. Initial resistance is at 1.3602.

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