Bearish Outlook

• RES 4: 1.2506 High Sep 14
• RES 3: 1.2444 200-dma
• RES 2: 1.2389 50-day EMA
• RES 1: 1.2235/2337 20-day EMA / High Oct 11 and the bull trigger
• PRICE: 1.2125 @ 06:09 Oct 19
• SUP 1: 1.2108 76.4% retracement of the Oct 4 - 11 correction
• SUP 2: 1.2037/28 Low Oct 04 and bear trigger / 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 maintains a weaker tone. The reversal from last week’s highs signals the end of the recent corrective phase and a continuation lower would refocus attention on support and the bear trigger at 1.2037, Oct 4 low. Clearance of this level would confirm a resumption of the downtrend that started in July 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.