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GBPUSD to Remain Under Pressure While Below 1.2780

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Important: I use New York close charts so that each 24-hour period closes at 5 pm EST.

Click here to get access to the same charts I use.

Last Sunday I pointed out how the GBPUSD had broken below channel support during the prior week. The August 9th close below descending channel support gave us a new resistance area to watch between 1.2780 and 1.2810.

It didn’t take long for the pair to retest support turned resistance. Tuesday’s session reached a high of 1.2827 before dropping more than 100 pips into the close.

Remember, I use New York close charts so that each 24-hour session opens and closes at 5 pm EST. You can get access to the same charts I use by going here.

However, shortly after Tuesday’s close, GBPUSD caught a bid at 1.2660. Since that time the pair has regained some lost ground but remains below a confluence of resistance at 1.2770/80.

That brings us to something we can watch for next week…

As long as the GBPUSD trades below the 1.2770/80 resistance area on a daily closing basis, the pair will remain under pressure. And given that the next key support at 1.2590 is nearly 200 pips away from 1.2770/80, there may be a favorable opportunity here next week.

Alternatively, a daily close back above the 1.2770/80 area would negate the bearish outlook. It would also expose the July swing low just below the 1.3000 handle.

Last but not least, keep in mind that the pair is still overextended despite this week’s consolidation. As such, I wouldn’t be surprised to see some additional sideways movement to start next week.

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GBPUSD key resistance area

Leave a Comment:

35 comments
Erwan says

Thanks coach

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    Justin Bennett says

    You’re welcome.

    Reply
IDOGEI emmanuel says

Thank you Justin. Will watch out for those key levels

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    Justin Bennett says

    My pleasure. Enjoy your weekend.

    Reply
      Hwok Luu Hwok says

      Great my mentor 👍

      Reply
Obbiettivo says

Grazie Justin sei fantastico

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Thokozani says

Enter your comment… Amazing work thanks sir

Reply
    Justin Bennett says

    You’re welcome.

    Reply
Kazi imran ahmed says

hi justin I always read your analysis …these are very helpful for us to to take entry in our live acc..!! May Allah always help you and bless you…!!🙂

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    Justin Bennett says

    Thanks for sharing. Pleased to know it’s helpful.

    Reply
Pierre Mifsud says

In line to what you are saying the charts never lie…..The GBPUSD has the potential to reach the 1.20 mark i.e another drop of 700 pips on the weekly and monthly charts. This makes sense as the dollar index is still to reach the 100 mark from a current 96.5

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Adeniran Omotosho says

thank you sir…..

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    Justin Bennett says

    You’re welcome.

    Reply
Sarder Alamin says

Thank you sir

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    Justin Bennett says

    You’re welcome.

    Reply
Kingsley Otobo says

Thank you so much

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    Justin Bennett says

    You’re welcome.

    Reply
Alphonsus says

Thanks coach

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    Justin Bennett says

    You’re welcome.

    Reply
Wale Williams says

This is educative

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Dung Nguyen says

Thank you so much!

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    Justin Bennett says

    My pleasure.

    Reply
Khurram says

Good ideas. Thanks Justin. Also waiting your trade setups for EUR/USD after Trump’s news of his deliberate effort to weakening dollar.

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Olufemi says

Hi Justin!
I really appreciate the work you are doing. Following your sets up, i’m becoming confident day by day. I like to enquire about joining your members area.

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Syed Hassan says

Thank yosu sir

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Olorunsola Tolu says

Good weekend big boss. I want to thank you for the gbbaud set up you gave this week. It was A+ set up. Its better one even wait for this type of set rather than beating about the bush risking money.
I know its sell the rally at resistance for gbpaud for this coming week.
God bless you God sent Coach

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Adrian says

Made quite a few pips on GBPCAD, so thanks for everything. GBPAUD was nearly the same made 100 pips but shorter trade. Been watching EURCAD for quite some time & what you say always materialises so thank you soo much.

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Khanyisile says

Hi Justin Bennett, my question is about how to trade gold, is it the same as other currency pairs?

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Deos says

Hi Justin, aint this descending channel a bullish formation as you often describe it in your strategy?thus you often avoid to short a breakdown ofsupport as it often leads to false break according to you? I have personally being watching this pair for a breakout of channel resistance for months but no way and i decided to not play the support breakdown

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Muhammad Nadeem says

Thanks…..

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indra dezeindra kesuma says

coach, i often confuse while looking for setup with multi pair. is there any advice how to determine best setup? should i see news schedule or not? and how many pair should we analyze or trade each week?

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joel says

Thank Justin, your key levels are spot on.

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Huzaifa Haji says

very interesting and well designed website, please continue as it is without making any changes to it. thank you.

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