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E-MINI S&P (M2): Trend Needle Points South

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Bears Take Back Control

GBPUSD TECHS
  • RES 4: 1.3403 Sep 2 high
  • RES 3: 1.3357 High Sep 3
  • RES 2: 1.3319 High Sep 4
  • RES 1: 1.3312 High Nov 11
  • PRICE: 1.3200 @ 16:33 GMT Nov 11
  • SUP 1: 1.3157 Low Nov 10
  • SUP 2: 1.3093 Low Nov 6
  • SUP 3: 1.3051 20-day EMA
  • SUP 4: 1.2911 Low Nov 3

GBPUSD started this week on a strong note following last week's gains and the breach of key resistance at 1.3177, Oct 21 and Nov 6 high. Despite this, bears re-took control ahead of the Wednesday London close, with prices reverting back below 1.32. Initial support lies at 1.3157 ahead of Friday's 1.3093 low. To get the uptrend back underway, markets need to retake 1.3292, 76.4% of the Sep 1 - 23 sell-off.

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