INDIA: Country Wrap: US Blasts India

• RES 4: 1.3789 High Jul 01 and the bull trigger
• RES 3: 1.3689 76.4% retracement of the Jul 1 - 16 bear leg
• RES 2: 1.3577 50.0% retracement of the Jul 1 - 16 bear leg
• RES 1: 1.3535 Intraday high 
• PRICE: 1.3529 @ 06:33 BST Jul 23
• SUP 1: 1.3365 Low Jul 16 and the short-term bear trigger 
• SUP 2: 1.3335 Low May 20
• SUP 3: 1.3245 Low May 19
• SUP 4: 1.3144 38.2% retracement of the Jan 13 - Jul 1 bull cycle   

GBPUSD traded higher Tuesday, extending the recovery from the Jul 16 low. Recent weakness resulted in a break of trendline support drawn from the Jan 13 low. The breach is a bearish development, however, the latest bounce also highlights a possible false break. Note that M/T signals still highlight an uptrend. The next resistance to watch is 1.3577, a Fibonacci retracement. The bear trigger is1.3365, Jul 16 low. A break would resume a bear theme.

• RES 4: 118.390 High Jun 13 and a key resistance  
• RES 3: 118.109 76.4% retracement of the Jun 13 - Jul 11 bear leg  
• RES 2: 118.060 High Jun 20 and a key near-term resistance  
• RES 1: 118.030 High Jul 22      
• PRICE: 117.890 @ 06:09 BST Jul 23 
• SUP 1: 117.667 20-day EMA 
• SUP 2: 117.450 Low Jul 18 
• SUP 3: 117.200 Low Jul 11 and the bear trigger
• SUP 4: 117.000 Round number support       

Bobl futures traded higher again, on Tuesday and the contract maintains a firmer short-term tone. Sights are on a key near-term resistance at 118.060, the Jun 20 high. A break of this hurdle would strengthen a bullish theme  and signal scope for an extension towards 118.390, the Jun 13 high. Key support and the bear trigger has been defined at 117.200, the Jul 11 low. Initial firm support is seen at 117.450, the Jul 18 low.