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GBPUSD TECHS: Bear Cycle Remains In Play

GBPUSD TECHS
USForeign Exchange Technical AnalysisGlobalCEEMEABulletUKMarketsForeign Exchange BulletsRegionNorth America
  • RES 4: 1.3389 High Oct 1   
  • RES 3: 1.3274 High Oct 3  and the bull trigger
  • RES 2: 1.3175 High Oct 4 
  • RES 1: 1.3015/3067 High Oct 22 / 20-day EMA
  • PRICE: 1.2992 @ 15:52 BST Oct 25
  • SUP 1: 1.2908 Low Oct 23
  • SUP 2: 1.2890 Low Aug 18 
  • SUP 3: 1.2846 76.4% retracement of the Aug 8 - Sep 25 bull leg
  • SUP 4: 1.2799 Low Aug 15 

A bearish theme in GBPUSD remains intact and the pair is trading closer to its recent lows. The move down this week has resulted in a breach of 1.2959, the 61.8% retracement of the Aug 8 - Sep 25 bull leg. An extension lower would open 1.2890, the Aug 18 low. On the upside, initial resistance to watch is 1.3067, the 20-day EMA. A clear breach of this EMA is required to signal a reversal.

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  • RES 4: 1.3389 High Oct 1   
  • RES 3: 1.3274 High Oct 3  and the bull trigger
  • RES 2: 1.3175 High Oct 4 
  • RES 1: 1.3015/3067 High Oct 22 / 20-day EMA
  • PRICE: 1.2992 @ 15:52 BST Oct 25
  • SUP 1: 1.2908 Low Oct 23
  • SUP 2: 1.2890 Low Aug 18 
  • SUP 3: 1.2846 76.4% retracement of the Aug 8 - Sep 25 bull leg
  • SUP 4: 1.2799 Low Aug 15 

A bearish theme in GBPUSD remains intact and the pair is trading closer to its recent lows. The move down this week has resulted in a breach of 1.2959, the 61.8% retracement of the Aug 8 - Sep 25 bull leg. An extension lower would open 1.2890, the Aug 18 low. On the upside, initial resistance to watch is 1.3067, the 20-day EMA. A clear breach of this EMA is required to signal a reversal.