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GBPUSD TECHS: Bearish Theme

GBPUSD TECHS
USForeign Exchange Technical AnalysisGlobalCEEMEABulletUKMarketsForeign Exchange BulletsRegionNorth America
  • RES 4: 1.3434 High Sep 26 and key resistance 
  • RES 3: 1.3389 High Oct 1 
  • RES 2: 1.3305 High Oct 2  and the bull trigger
  • RES 1: 1.3170 20-day EMA
  • PRICE: 1.3060 @ 06:03 BST Oct 14
  • SUP 1: 1.3022 Low Oct 10 
  • SUP 2: 1.3002 Low Sep 11 and a key support   
  • SUP 3: 1.2959 61.8% retracement of the Aug 8 - Sep 25 bull leg
  • SUP 4: 1.2890 Low Aug 18

The short-term trend condition in GBPUSD remains bearish and the pair is trading just ahead of its recent lows. Price action remains below the 20-day EMA and attention is on the next important support at 1.3002, the Sep 11 low. A clear break of this level would expose 1.2959, a Fibonacci retracement point. On the upside, initial resistance to watch is 1.3170, the 20-day EMA. A clear breach of this average would signal a reversal.

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  • RES 4: 1.3434 High Sep 26 and key resistance 
  • RES 3: 1.3389 High Oct 1 
  • RES 2: 1.3305 High Oct 2  and the bull trigger
  • RES 1: 1.3170 20-day EMA
  • PRICE: 1.3060 @ 06:03 BST Oct 14
  • SUP 1: 1.3022 Low Oct 10 
  • SUP 2: 1.3002 Low Sep 11 and a key support   
  • SUP 3: 1.2959 61.8% retracement of the Aug 8 - Sep 25 bull leg
  • SUP 4: 1.2890 Low Aug 18

The short-term trend condition in GBPUSD remains bearish and the pair is trading just ahead of its recent lows. Price action remains below the 20-day EMA and attention is on the next important support at 1.3002, the Sep 11 low. A clear break of this level would expose 1.2959, a Fibonacci retracement point. On the upside, initial resistance to watch is 1.3170, the 20-day EMA. A clear breach of this average would signal a reversal.