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Bearish Focus

  • RES 4: 1.3913 High Sep 14 and a key resistance
  • RES 3: 1.3835 High Oct 20
  • RES 2: 1.3621 50-day EMA
  • RES 1: 1.3533/3607 20-day EMA / High Nov 9 and a key resistance
  • PRICE: 1.3441 @ 06:18 GMT Nov 22
  • SUP 1: 1.3397/53 Low Nov 17 / Low Nov 12 and the bear trigger
  • SUP 2: 1.3334 1.00 proj of the Sep 14 - 29 - Oct 20 price swing
  • SUP 3: 1.3304 Low Dec 22, 2020
  • SUP 4: 1.3216 1.236 proj of the Sep 14 - 29 - Oct 20 price swing

Recent GBPUSD gains continue to be viewed as a short-term correction. The outlook remains bearish following the recent breach of 1.3412, Sep 29 low. This break confirmed a resumption of the bear trend and has paved the way for an extension lower. Furthermore, moving average studies are in a bear mode, reinforcing current conditions. The focus is on 1.3334 next, a Fibonacci projection. Firm resistance is unchanged at 1.3607, Nov 9 high.

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