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GBPUSD TECHS: Support Breached

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: 1.3193 20-day EMA
  • PRICE: 1.3052 @ 08:00 BST Oct 11
  • SUP 1: 1.3049 50.0% retracement of the Aug 8 - Sep 25 bull leg 
  • SUP 2: 1.3022 Low Oct 10
  • SUP 3: 1.3002 Low Sep 11 
  • SUP 4: 1.2959 61.8% retracement of the Aug 8 - Sep 25 bull leg

The GBPUSD outlook deteriorated further Thursday, driven by the broad USD rally - maintaining the softer short-term tone. Cable has breached support at the 20-day EMA and pierced both the 50-day EMA at 1.3108 and 1.3049, a Fibonacci retracement. A clear break of this level would expose 1.3002, the Sep 11 low. Initial resistance to watch is 1.3180, the 20-day EMA.         

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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: 1.3193 20-day EMA
  • PRICE: 1.3052 @ 08:00 BST Oct 11
  • SUP 1: 1.3049 50.0% retracement of the Aug 8 - Sep 25 bull leg 
  • SUP 2: 1.3022 Low Oct 10
  • SUP 3: 1.3002 Low Sep 11 
  • SUP 4: 1.2959 61.8% retracement of the Aug 8 - Sep 25 bull leg

The GBPUSD outlook deteriorated further Thursday, driven by the broad USD rally - maintaining the softer short-term tone. Cable has breached support at the 20-day EMA and pierced both the 50-day EMA at 1.3108 and 1.3049, a Fibonacci retracement. A clear break of this level would expose 1.3002, the Sep 11 low. Initial resistance to watch is 1.3180, the 20-day EMA.