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(M2) Correction Extends


Late Session Rebound


(M2) Corrective Cycle Remains In Play


(M2) Gains Still Considered Corrective

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Needle Points North

  • RES 4: 1.3357 High Sep 3
  • RES 3: 1.3319 High Sep 4
  • RES 2: 1.3292 76.4% retracement of the Sep 1 - 23 sell-off
  • RES 1: 1.3278 High Nov 10
  • PRICE: 1.3228 @ 16:43 GMT Nov 10
  • SUP 1: 1.3157 Low Nov 10
  • SUP 2: 1.3093 Low Nov 6
  • SUP 3: 1.3028 20-day EMA
  • SUP 4: 1.2911 Low Nov 3

GBPUSD started the week on a strong note following last week's gains and remains firm. Importantly, the pair has breached key resistance at 1.3177, Oct 21 and Nov 6 high. The break above this level signals scope for further strength with attention turning to 1.3292 next, 76.4% of the Sep 1 - 23 sell-off. Note that price has traded above the 61.8% retracement at 1.3174. Initial support lies at 1.3157 ahead of Friday's 1.3093 low.

MNI London Bureau | +44 203-865-3809 |
MNI London Bureau | +44 203-865-3809 |

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