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Heavy!

GBPUSD TECHS
  • RES 4: 1.3958 High Aug 4
  • RES 3: 1.3913 High Sep 14 and a key resistance
  • RES 2: 1.3674/3754 20-day EMA / 50-day EMA
  • RES 1: 1.3572/3602 Low Jul 20 / Low Aug 20
  • PRICE: 1.3456 @ 06:20 BST Oct 1
  • SUP 1: 1.3412 Low Sep 29
  • SUP 2: 1.3354 Low Dec 23, 2020
  • SUP 3: 1.3349 2.0% 10-dma envelope
  • SUP 4: 1.3277 61.8% retracement of the Sep '20 - Jan bull phase

GBPUSD maintains a bearish theme following this week's break lower and the breach of a number of key supports. The triangle base at 1.3637, drawn from the Jul 20 low has been cleared. Note too that moving average studies are in a bear mode reinforcing current conditions and this signals scope for losses toward levels not seen since late December last year. 1.3354 marks the next target. Initial resistance is seen at 1.3572, Jul 20 low.

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