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Bearish Doji Candle

GBPUSD TECHS
  • RES 4: 1.3913 High Sep 14 and a key resistance
  • RES 3: 1.3835 High Oct 20
  • RES 2: 1.3691 50-day EMA
  • RES 1: 1.3606/07 Low Nov 2 / High Nov 9
  • PRICE: 1.3554 @ 16:29 GMT Nov 10
  • SUP 1: 1.3412 Low Sep 29 and bear trigger
  • SUP 2: 1.3357/54 2.0% 10-dma env / Low Dec 23, 2020
  • SUP 3: 1.3334 1.00 proj of the Sep 14 - 29 - Oct 20 price swing
  • SUP 4: 1.3304 Low Dec 22, 2020

GBPUSD has this week retraced part of last week's bear leg. The outlook remains bearish and note Tuesday's candle pattern - a doji - is a bearish pattern and signals the end of the most recent corrective bounce. Last week's break of 1.3544, Oct 6 low strengthens the S/T case for bears and highlights a likely resumption of the broader downtrend. The focus is on the bear trigger at 1.3412. The 50-day EMA at 1.3691 marks initial firm resistance.

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