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Fading Off Key Resistance

GBPUSD TECHS
  • RES 4: 1.1799 0.764 proj of the Sep 26 - Oct 5 - 12 price swing
  • RES 3: 1.1738 High Sep 13
  • RES 2: 1.1645 High Oct 27 and the bull trigger
  • RES 1: 1.1599 High Nov 8
  • PRICE: 1.1367 @ 15:46 GMT Nov 9
  • SUP 1: 1.1357/1150 Low Nov 09 / Nov 04
  • SUP 2: 1.1061 Low Oct 21
  • SUP 3: 1.0924 Low Oct 12 and a key short-term support
  • SUP 4: 1.0763 Low Sep 29

GBPUSD faded fast into the Wednesday close. The previously bullish theme has weakened, but remains intact for now following recent gains and push above the 20- and 50-day EMAs. Attention is on the key resistance and the bull trigger at 1.1645, the Oct 27 high. Clearance of this level would strengthen a bullish case and confirm a resumption of the uptrend that started Sep 26. Initial firm support is at 1.1150, the Nov 4 low.

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  • RES 4: 1.1799 0.764 proj of the Sep 26 - Oct 5 - 12 price swing
  • RES 3: 1.1738 High Sep 13
  • RES 2: 1.1645 High Oct 27 and the bull trigger
  • RES 1: 1.1599 High Nov 8
  • PRICE: 1.1367 @ 15:46 GMT Nov 9
  • SUP 1: 1.1357/1150 Low Nov 09 / Nov 04
  • SUP 2: 1.1061 Low Oct 21
  • SUP 3: 1.0924 Low Oct 12 and a key short-term support
  • SUP 4: 1.0763 Low Sep 29

GBPUSD faded fast into the Wednesday close. The previously bullish theme has weakened, but remains intact for now following recent gains and push above the 20- and 50-day EMAs. Attention is on the key resistance and the bull trigger at 1.1645, the Oct 27 high. Clearance of this level would strengthen a bullish case and confirm a resumption of the uptrend that started Sep 26. Initial firm support is at 1.1150, the Nov 4 low.