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Corrective Pullback Extends

GBPUSD TECHS
  • RES 4: 1.1738 High Sep 13 and a key resistance
  • RES 3: 1.1590 High Sep 14
  • RES 2: 1.1510 50-day EMA
  • RES 1: 1.1241/1495 20-day EMA / High Oct 5 and the bull trigger
  • PRICE: 1.0991 @ 20:08 BST Oct 11
  • SUP 1: 1.0922 50.0% retracement of Sep 26 - Oct 5 bull cycle
  • SUP 2: 1.0787 61.8% retracement of Sep 26 - Oct 5 bull cycle
  • SUP 3: 1.0541/0350 Low Sep 28 / All Time Low
  • SUP 4: 1.0203 3.236 proj of the Jun 16 - Jul 14 - Aug 1 price swing

GBPUSD remains in a bear mode and has traded lower today, extending the pullback from last week’s high of 1.1495 on Oct 5. At this stage, the move lower appears to be a correction of the rally between Sep 26 - Oct 5. A continuation lower would open 1.0922 and 1.0787, Fibonacci retracement levels. Key support and the primary bear trigger is still far-off at 1.0350, the Sep 26 low. Key short-term resistance is at 1.1495.

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