Weekly Price Action Setups & Key Levels | Jul 27-Aug1

gold

GBPUSD – Short Term Bearish but Approaching Critical Support
After peaking at 1.7200 a few weeks ago, the Cable has now sold off for 8 days straight losing a few cents in the process. This puts the possibility into play the pair may be headed for a larger correction, and keeps the short term bias to the bear side.

For now, watch the key support zone between 1.6970 and 1.6912 for buyers to step in, or hold the line. If they fail to do so, and this collapses, then 1.6800 and 1.6700 will be put to test in the near term.

NZDUSD – Corrective Consolidation Leads to Bigger Losses
Back on our July 16th market commentary, we talked about the …

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