- GBP/USD had a 280-pips run-up in the last 7 days and has found resistance just below 1.2957 key level, giving bears the opportunity to resume the main bear trend.
- The 50-period simple moving average crossed below the 200 SMA suggesting that the momentum is shifting to bearish. Additionally, GBP/USD is trading below the 50, 100 and 200 SMA. Bears also managed to trade below Wednesday’s low creating a lower low. Bears objective is to target 1.2789-1.2800 area and in the longer term 1.2700 figure.
Spot rate: 1.2873
Relative change: -0.29%
High: 1.2920
Low: 1.2849
Trend: Bearish below 1.2957
Resistance 1: 1.2900-1.2923 area, figure and August 7 low
Resistance 2: 1.2957 July 19 swing low
Resistance 3: 1.3082-1.3100 supply/demand level and figure
Resistance 4: 1.3214 July 26 swing high
Support 1: 1.2868 current August 22 low
Support 2: 1.2838, August 10 high
Support 3: 1.2789-1.2800 area, intraday swing high and figure
Support 4: 1.2723, August 10 low
Support 5: 1.2700 figure
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