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Working Against Bullish Tone

GBPUSD TECHS
  • RES 4: 1.4001 High Jun 23
  • RES 3: 1.3983/90 High Jul 30 / 61.8% of the Jun 1 - Jul 20 sell-off
  • RES 2: 1.3958 High Aug 4
  • RES 1: 1.3892 High Sep 3
  • PRICE: 1.3769 @ 15:31 BST Sep 7
  • SUP 1: 1.3731 Low Sep 1
  • SUP 2: 1.3680 Low Aug 27
  • SUP 3: 1.3602 Low Aug 20
  • SUP 4: 1.3572 Low Jul 20 and the bear trigger

GBPUSD worked against the recent firm tone Tuesday, but near-term support remains intact for now. The pair traded higher Friday, reinforcing S/T bullish conditions as the recovery from Aug 20 extends. The 50-day EMA has been breached and the break higher last week opens 1.3958 next, Aug 4 high ahead of a key resistance at 1.3983, Jul 30 high. On the downside, initial key support to watch lies at 1.3680, Aug 27 low. A move below this level would signal a resumption of bearish pressure.

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