GBPUSD TECHS: Monitoring Resistance
- RES 4: 1.3681 High Jul 4
- RES 3: 1.3636 76.4% retracement of the Jul 1 - Aug1 downleg
- RES 2: 1.3595 High Aug 14 and a bull trigger
- RES 1: 1.3555 High Sep 5
- PRICE: 1.3522 @ 16:07 BST Sep 5
- SUP 1: 1.3333 Low Sep 3
- SUP 2: 1.3315 61.8% retracement of the Aug 1 - 14 bull leg
- SUP 3: 1.3249 76.4% retracement of the Aug 1 - 14 bull leg
- SUP 4: 1.3142 Low Aug 1 and a key support
A bear threat in GBPUSD remains present following Tuesday’s sell-off and the recovery from Wednesday’s low appears corrective - for now. Recent weakness resulted in a breach of 1.3391, the Aug 22 low. This signals scope for a deeper retracement and exposes 1.3315 next, 61.8% of the Aug 1 - 14 bull leg. On the upside, a breach of 1.3595, the Aug 14 high, is required to reinstate a bull theme. The first key hurdle for bulls is 1.3550, the Sep 1 high.
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GBPUSD TECHS: Firmer Close
- RES 4: 1.3681 High Jul 4
- RES 3: 1.3620 High Jul 10
- RES 2: 1.3430/1.3589 50-day EMA / High Jul 24
- RES 1: 1.3365 Low Jul 16
- PRICE: 1.3336 @ 16:06 BST Aug 6
- SUP 1: 1.3144 38.2% retracement of the Jan 13 - Jul 1 bull cycle
- SUP 2: 1.3041 Low Apr 14
- SUP 3: 1.3000 Round number support
- SUP 4: 1.2945 50.0% retracement of the Jan 13 - Jul 1 bull cycle
A bearish theme in GBPUSD remains intact for now - despite Friday’s rally and the continuation into the Wednesday close. Last week’s sell-off resulted in a breach of the bear trigger at 1.3365, the Jul 16 low. The break confirms a resumption of the downleg that started Jul 1 and highlights a clear breach of the trendline drawn from the Jan 13 low. Sights are on 1.3144, a Fibonacci retracement, and 1.3041, the Apr 14 low. Firm resistance is 1.3430, the 50-day EMA. A break of this average is required to signal a reversal.
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US: Trump Says Witkoff Had "Highly Productive" Meeting With Putin
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