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Bearish Theme Remains Intact

GBPUSD TECHS
  • RES 4: 1.3854 High Sep 15
  • RES 3: 1.3746 50-day EMA
  • RES 2: 1.3662 20-day EMA
  • RES 1: 1.3602/3610 Low Aug 20 / Low Sep 22
  • PRICE: 1.3552 @ 06:18 BST Oct 4
  • SUP 1: 1.3412 Low Sep 29 and the bear trigger
  • SUP 2: 1.3354 Low Dec 23, 2020
  • SUP 3: 1.3330 2.0% 10-dma envelope
  • SUP 4: 1.3277 61.8% retracement of the Sep '20 - Jan bull phase

GBPUSD maintains a bearish theme following last week's break lower and the breach of a number of key supports. A triangle base drawn from the Jul 20 low has been cleared. Note too that moving average studies are in a bear mode reinforcing current conditions and this signals scope for losses toward levels not seen since late December last year. 1.3354 marks the next target, Dec 23, 2020 low. Initial resistance is seen at 1.the 1.3602/10 zone.

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