GBPUSD TECHS: Short-Term Support Remains Exposed
- 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.
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GBPUSD TECHS: Primary Trend Direction Remains Up
- 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
- Test4
CANADA: Test3
- Test3
