GBPUSD TECHS: Correction Extends
- RES 4: 1.3852 1.764 proj of the Feb 28 - Apr 3 - 7 price swing
- RES 3: 1.3835 High Oct 20 2021
- RES 2: 1.3800 Round number resistance
- RES 1: 1.3681/3789 High Jul 04 / 01 and the bull trigger
- PRICE: 1.3582 @ 16:18 BST Jul 9
- SUP 1: 1.3526 Low Jul 08
- SUP 2: 1.3473 50-day EMA
- SUP 3: 1.3389 Trendline support drawn from the Jan 13 low
- SUP 4: 1.3245 Low May 19
The trend set-up in GBPUSD remains bullish and recent weakness appears corrective. The pair has cleared support around the 20-day EMA, signalling scope for a deeper retracement towards the next key support at the 50-day EMA. at 1.3473. Key resistance and the bull trigger is at 1.3789, the Jul 1 high. Clearance of this hurdle would resume the uptrend. Note that MA studies are in a bull-mode position, suggesting the M/T uptrend is intact.
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