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Bear Trigger Remains Exposed

GBPUSD TECHS
  • RES 4: 1.2506 High Sep 14
  • RES 3: 1.2444 200-dma
  • RES 2: 1.2404 50-day EMA
  • RES 1: 1.2337 High Oct 11 and the bull trigger
  • PRICE: 1.2193 @ 16:15 Oct 16
  • SUP 1: 1.2037 Low Oct 04 and the bear trigger
  • SUP 2: 1.2028 Low Mar 16
  • SUP 3: 1.2011 Low Mar 15 and a key support
  • SUP 4: 1.1964 3.00 proj of the Jul 14 - 24 - 27 price swing

GBPUSD trend conditions remain bearish and the recent recovery is considered corrective. A continuation lower would refocus attention on support and the bear trigger, at 1.2037, the Oct 4 low. Clearance of this level would confirm a resumption of the downtrend and open 1.1964, a Fibonacci projection. For bulls, a break of 1.2337, the Oct 11 high, would signal scope for a stronger corrective phase.

MNI London Bureau | +44 203-865-3809 | edward.hardy@marketnews.com

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