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Finds Some Support

GBPUSD TECHS
  • RES 4: 1.3913 High Sep 14 and a key resistance
  • RES 3: 1.3835 High Oct 20
  • RES 2: 1.3697 50-day EMA
  • RES 1: 1.3606 Low Nov 2
  • PRICE: 1.3579 @ 06:13 GMT Nov 9
  • SUP 1: 1.3412 Low Sep 29 and bear trigger
  • SUP 2: 1.3378 2.0% 10-dma env
  • SUP 3: 1.3354 Low Dec 23, 2020
  • SUP 4: 1.3334 1.00 proj of the Sep 14 - 29 - Oct 20 price swing

GBPUSD traded higher yesterday and is retracing part of last week's move lower. The outlook remains bearish though. The break lower last week resulted in a breach of support at 1.3544, Oct 6 low. The breach of this level strengthens the short-term case for bears and highlights a likely resumption of the broader downtrend. Key support and the bear trigger lies at 1.3412. The 50-day EMA at 1.3697 marks initial firm resistance.

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