GBPUSD TECHS: Trades Through Trendline Support
- RES 4: 1.3789 High Jul 1 and key resistance
- RES 3: 1.3753 High Jul 2
- RES 2: 1.3661/3726 High Sep 18 / 17
- RES 1: 1.3537 High Sep 23
- PRICE: 1.3458 @ 06:23 BST Sep 25
- SUP 1: 1.3426 76.4% retracement of the Sep 3 - 17 bull leg
- SUP 2: 1.3333 Low Sep 3 and a key support
- SUP 3: 1.3282 Low Aug 6
- SUP 4: 1.3254 Low Aug 4
GBPUSD traded lower Wednesday and this marked an extension of the corrective cycle that started Sep 17. The move down has resulted in a print below 1.3466, a trendline support drawn from the Aug 1 low. A clear break of this line would strengthen a bearish theme and expose 1.3333, the Sep 3 low and a key support. Initial resistance to watch is 1.3537, the Sep 23 high. Clearance of this hurdle would signal a reversal.
Want to read more?
Find more articles and bullets on these widgets:
Historical bullets
LOOK AHEAD: UK Timeline of Key Events (Times BST)
| Date | Time | Period | Event |
| 26-Aug | - | --- | DMO to hold FQ3 consultations with investors / GEMMs |
| 26-Aug | 1500 | --- | BOE Mann at Banxico Conference (Text release) |
| 27-Aug | 1100 | Aug | CBI Distributive Trades |
| 29-Aug | 0730 | --- | DMO to release FQ3 (Oct-Dec) issuance ops calendar |
| 01-Sep | 0930 | Jul/Aug | BOE Lending to Individuals / M4 / S&P Manuf PMI (f) |
| 03-Sep | 0830 | --- | BOE Mann at Signum's London Westminster Day roundtable |
| 03-Sep | 0915 | --- | BOE Breeden at Money and Payments Conference |
| 03-Sep | 0930 | Aug | S&P Global Services / Composite PMI (Final) |
| 04-Sep | 0930 | Aug | BOE Decision Maker Panel data / S&P Construction PMI |
| 05-Sep | 0700 | Jul | Retail Sales |
| 08-Sep | 0001 | --- | KPMG / REC Report on Jobs |
| 09-Sep | 0001 | Aug | BRC-KPMG Shop Sales Monitor |
| 12-Sep | 0700 | Jul | GDP / Services / Production / Trade / Construction |
| 12-Sep | 0930 | Aug | Bank of England/Ipsos Inflation Attitudes Survey |
| 16-Sep | 0700 | Aug | Labour Market Survey |
| 17-Sep | 0700 | Aug | Consumer inflation report |
| 18-Sep | 1200 | --- | Bank Of England Interest Rate |
GBPUSD TECHS: Bullish Engulfing Candle Highlights A Reversal
- RES 4: 1.3753 High High Jul 2
- RES 3: 1.3681 High Jul 4
- RES 2: 1.3636 76.4% retracement of the Jul 1 - Aug1 downleg
- RES 1: 1.3544/3595 High Aug 22 / 14
- PRICE: 1.3456 @ 06:19 BST Aug 26
- SUP 1: 1.3391 Low Aug 22
- 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 rally on Friday GBPUSD signals the end of the recent corrective phase - Friday’s reversal pattern is a bullish engulfing candle. An extension higher would refocus attention on the short-term bull trigger at 1.3595, the Aug 14 high. Clearance of this level would signal scope for a climb towards 1.3636, the 76.4% retracement of the bear leg between Jul 1 and Aug 1. Key short-term support has been defined at 1.3391, the Aug 22 low.
LOOK AHEAD: Eurozone Timeline of Key Events (Times BST)
| Date | Time | Country | Event |
| 26-Aug | 0745 | FR | Consumer Sentiment |
| 27-Aug | 0700 | DE | GFK Consumer Climate |
| 28-Aug | 0900 | EU | M3 |
| 28-Aug | 0900 | IT | ISTAT Business / Consumer Confidence |
| 28-Aug | 1000 | EU | Consumer Confidence, Industrial Sentiment |
| 29-Aug | 0700 | DE | Import/Export Prices / Retail Sales |
| 29-Aug | 0745 | FR | HICP (p) / PPI / GDP (f) / Consumer Spending |
| 29-Aug | 0800 | ES | HICP (p) |
| 29-Aug | 0855 | DE | Unemployment |
| 29-Aug | 0900 | IT | GDP (f) |
| 29-Aug | 0900 | DE | Regional CPIs |
| 29-Aug | 0900 | EU | ECB Consumer Expectations Survey |
| 29-Aug | 1000 | IT | HICP (p) |
| 29-Aug | 1000 | EU | ECB de Guindos at Cursos Europeos de Verano |
| 29-Aug | 1300 | DE | CPI (p) |
