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Facing Fresh Selling Pressure

GBPUSD TECHS
  • RES 4: 1.3983 High Jul 30
  • RES 3: 1.3958 High Aug 4
  • RES 2: 1.3913 High Sep 14 and a key resistance
  • RES 1: 1.3719/3835 50-day EMA / High Oct 20
  • PRICE: 1.3575 @ 12:09 GMT Nov 4
  • SUP 1: 1.3544 Low Oct 6
  • SUP 2: 1.3512 76.4% retracement of the Sep 29-Oct 20 rally
  • SUP 3: 1.3452 2.0% 10-dma env
  • SUP 4: 1.3412 Low Sep 29 and bear trigger

GBPUSD is trading lower following today's BOE decision. The break lower confirms a resumption of the recent sell-off and maintains the focus on support at 1.3544., Oct 6 low. A break of this level would strengthen the short-term case for bears and highlight a likely resumption of the broader downtrend. Key support and the bear trigger lies at 1.3412. 1.3719, the 50-day EMA marks initial resistance.

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