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Bear Cycle Still In Play

GBPUSD TECHS
  • RES 4: 1.2548 High Sep 11
  • RES 3: 1.2506 High Sep 14
  • RES 2: 1.2438 200-dma
  • RES 1: 1.2289/2337 High Oct 24 / 11 and the bull trigger
  • PRICE: 1.2139 @ 17:04 GMT Oct 31
  • SUP 1: 1.2037/28 Low Oct 04 and bear trigger / Low Mar 16
  • SUP 2: 1.2011 Low Mar 15 and a key support
  • SUP 3: 1.1964 3.00 proj of the Jul 14 - 24 - 27 price swing
  • SUP 4: 1.1908 Low Mar 10

GBPUSD continues to trade below its Oct 24 high. The trend outlook is unchanged and remains bearish. Attention is on 1.2037, Oct 4 low and bear trigger. Clearance of this level would resume the downtrend that started in July and open 1.1964, a 3.00 projection of the Jul 14 - 24 - 27 price swing. For bulls, clearance of 1.2337, the Oct 11 high, would signal scope for a stronger corrective cycle and highlight a short-term base.

MNI London Bureau | +44 203-865-3809 | edward.hardy@marketnews.com
Foreign Exchange Technical AnalysisHomepagemarkets-real-timeBulletMarketsForeign Exchange Bullets
MNI London Bureau | +44 203-865-3809 | edward.hardy@marketnews.com
Foreign Exchange Technical AnalysisHomepagemarkets-real-timeBulletMarketsForeign Exchange Bullets

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