GBPUSD TECHS: Short-Term Support Remains Exposed

Jul-27 17:30
  • RES 4: 1.3254 Bull channel top drawn from the Mar 8 low
  • RES 3: 1.3142 High Jul 14 and the bull trigger
  • RES 2: 1.3045 High Jul 19
  • RES 1: 1.2996 High Jul 27
  • PRICE: 1.2858 @ 16:02 BST Jul 27
  • SUP 1: 1.2801/2798 61.8% of the Jun 29 - Jul 14 Upleg / Low Jul 24
  • SUP 2: 1.2751 Low Jul 10
  • SUP 3: 1.2734 50-day EMA
  • SUP 4: 1.2702 Bull channel base drawn from the Mar 8 low

GBPUSD has stalled at Thursday’s high and is down sharply as the USD rallies. The move lower highlights the fact that a bear cycle remains in play. If correct, this leaves support at 1.2798 exposed, the Jul 24 low. A break would signal scope for an extension lower towards the 50-day EMA at 1.2734. The base of the bull channel, drawn from the Mar 8 low and a key support, crosses at 1.2702. First resistance is at 1.2996, today’s high.

Historical bullets

GBPUSD TECHS: Primary Trend Direction Remains Up

Jun-27 17:30
  • RES 4: 1.3000 Round number resistance
  • RES 3: 1.2977 0.764 proj of the Mar 8 - May 10 - May 25 price swing
  • RES 2: 1.2877 High Apr 25 2022
  • RES 1: 1.2849 0.618 proj of the Mar 8 - May 10 - May 25 price swing
  • PRICE: 1.2740 @ 16:15 BST Jun 27
  • SUP 1: 1.2680 High May 10
  • SUP 2: 1.2641/2530 20- and 50-day EMA values
  • SUP 3: 1.2433 Low Jun 8
  • SUP 4: 1.2369 Low Jun 5 and a key support

The primary uptrend in GBPUSD remains intact. The recent move lower appears to be a correction and this is allowing an overbought trend condition to unwind. Support to watch lies at 1.2641, the 20-day EMA. The recent break of 1.2680, the May 10 high and a bull trigger, strengthens a bullish condition and sights are on 1.2849 next, a Fibonacci projection. A break would confirm a resumption of the uptrend.

CANADA: Test4

Jun-27 17:29
  • Test4

CANADA: Test3

Jun-27 17:27
  • Test3