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Corrective Cycle Still In Play


WI 3Y: Reverse Course On Chairman Powell Interview

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Bullish Price Sequence

  • RES 4: 1.1834 76.4% Fib retracement for the Aug - Sep downleg
  • RES 3: 1.1799 0.7645 proj of the Sep 26 - Oct 5 - 12 price swing
  • RES 2: 1.1738 High Sep 13 and a key resistance
  • RES 1: 1.1671 1.1665 3.0% 10-dma envelope
  • PRICE: 1.1627 @ 06:15 BST Oct 27
  • SUP 1: 1.1430 50-day EMA
  • SUP 2: 1.1234 Low Oct 24
  • SUP 3: 1.1061 Low Oct 21
  • SUP 4: 1.0924 Low Oct 12 and a key support

GBPUSD bullish conditions have strengthened following the break of resistance at 1.1495. The move higher marks an extension of the reversal from 1.0350, the Sep 26 low and this has confirmed a bullish price sequence of higher highs and higher lows on the daily chart. The current cycle highlights scope for 1.1738, the Sep 13 high and the next key short-term resistance. Initial support is seen at 1.1430, the 50-day EMA.

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