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Hammer Candle Still In Play As Correction Extends

GBPUSD TECHS
  • RES 4: 1.1604 50-day EMA
  • RES 3: 1.1461 High Sep 20
  • RES 2: 1.1364 High Sep 22
  • RES 1: 1.1271 20-day EMA
  • PRICE: 1.1114 @ 06:04 BST Sep 30
  • SUP 1: 1.0763 Low Sep 29
  • SUP 2: 1.0541/0350 Low Sep 28 / All Time Low
  • SUP 3: 1.0203 3.236 proj of the Jun 16 - Jul 14 - Aug 1 price swing
  • SUP 4: 1.0108 3.382 proj of the Jun 16 - Jul 14 - Aug 1 price swing

GBPUSD traded higher yesterday and cleared 1.0931, the Sep 26 high. The recovery reinforces the short-term importance of Monday’s hammer reversal candle and suggests scope for stronger corrective bounce. This is allowing a recent oversold trend reading to unwind. The next resistance is 1.1271, the 20-day EMA. A break would strengthen the current short-term bull cycle. This week’s 1.0350 low remains the bear trigger and key support.

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  • RES 4: 1.1604 50-day EMA
  • RES 3: 1.1461 High Sep 20
  • RES 2: 1.1364 High Sep 22
  • RES 1: 1.1271 20-day EMA
  • PRICE: 1.1114 @ 06:04 BST Sep 30
  • SUP 1: 1.0763 Low Sep 29
  • SUP 2: 1.0541/0350 Low Sep 28 / All Time Low
  • SUP 3: 1.0203 3.236 proj of the Jun 16 - Jul 14 - Aug 1 price swing
  • SUP 4: 1.0108 3.382 proj of the Jun 16 - Jul 14 - Aug 1 price swing

GBPUSD traded higher yesterday and cleared 1.0931, the Sep 26 high. The recovery reinforces the short-term importance of Monday’s hammer reversal candle and suggests scope for stronger corrective bounce. This is allowing a recent oversold trend reading to unwind. The next resistance is 1.1271, the 20-day EMA. A break would strengthen the current short-term bull cycle. This week’s 1.0350 low remains the bear trigger and key support.