GBPUSD TECHS: Support Remains Intact For Now

• RES 4: 1.3658 High May 1 and a key resistance   
• RES 3: 1.3590 61.8% retracement of the Jan 27 - Jun 24 bear cycle
• RES 2: 1.3558 High Jul 15 and a key S/T resistance 
• RES 1: 1.3543 High Aug 12
• PRICE: 1.3498 @ 18:10 BST Aug 12
• SUP 1: 1.3403/3274 50-day EMA / Low Jul 28 
• SUP 2: 1.3239 76.4% retracement of the Jun 24 - Jul15 bull leg 
• SUP 3: 1.3191 Low Jun 29
• SUP 4: 1.3140 Low Jun 24 and a key support 

The bull cycle in GBPUSD that started on Jul 28 remains in play and the pair is holding on to its recent gains - although the intraday rally through the Aug 10 failed to hold into the Wednesday close. Price is also trading the 20- and 50-day EMAs and attention is on the key S/T resistance at 1.3558, the Jul 15 high. Clearance of this hurdle would strengthen a bullish theme. Key support is 1.3274, the Jul 28 low. For bears, a reversal lower and a break of this level would reinstate a bearish theme. First support is 1.3403, the 50-day EMA.

"OTTAWA WEIGHS PROPOSAL ON AUTO TARIFFS AS IT PRESSES U.S. FOR REPRIEVE - GLOBE AND MAIL"- Reuters

• "THE PROPOSAL WOULD ALSO MAINTAIN AN EXEMPTION FOR THE VALUE OF AMERICAN CONTENT IN CARS EXPORTED FROM CANADA- GLOBE AND MAIL"

Full US-Canada story is here: https://www.theglobeandmail.com/world/us-politics/article-ottawa-weighs-proposal-on-auto-tariffs-as-it-presses-us-for-reprieve/

• "Canadian officials are weighing a proposal that would see Ottawa accept U.S. auto tariffs in exchange for a reduction on levies for vehicles compliant with USMCA, according to three sources on both sides of the border."
• "A Canadian industry source said Canada’s negotiating team had talked about such a proposal but it was unclear whether they had yet pitched it to their U.S. counterparts. "

• EUR/USD: Aug14 $1.1490-00(E1.5bln); Aug17 $1.1500(E1.4bln); Aug18 $1.1575(E1.1bln)
• USD/JPY: Aug14 Y155.00($2.5bln), Y158.00($1.3bln); Aug17 Y158.00($1.3bln), Y159.00($1.9bln)
• USD/CAD: Aug14 C$1.4100($1.4bln)