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Bearish Trend Sequence

GBPUSD TECHS
  • RES 4: 1.2476 50-day EMA
  • RES 3: 1.2425 High Sep 19
  • RES 2: 1.2304 20-day EMA
  • RES 1: 1.2272 High Sep 25
  • PRICE: 1.2139 @ 16:24 BST Oct 4
  • SUP 1: 1.2052 Low Oct 03
  • 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 bears remain in the driver’s seat and this week’s fresh cycle low reinforces bearish conditions. The extension lower maintains the price sequence of lower lows and lower highs and moving average studies are in a bear-mode position, reflecting current market sentiment. The focus is on 1.2028, the Mar 16 low. Initial firm resistance is seen at 1.2304, the 20-day EMA. A break of this average would highlight a possible short-term base.

Foreign Exchange Technical AnalysisHomepagemarkets-real-timeBulletMarketsForeign Exchange Bullets
Foreign Exchange Technical AnalysisHomepagemarkets-real-timeBulletMarketsForeign Exchange Bullets

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