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Off Recent Highs

GBPUSD TECHS
  • RES 4: 1.3983 High Jul 30
  • RES 3: 1.3958 High Aug 4
  • RES 2: 1.3913 High Sep 14 and a key resistance
  • RES 1: 1.3725/3835 50-day EMA / High Oct 20
  • PRICE: 1.3644 @ 06:12 GMT Nov 2
  • SUP 1: 1.3642 Low Nov 1
  • SUP 2: 1.3544 Low Oct 6
  • SUP 3: 1.3489 2.0% 10-dma env
  • SUP 4: 1.3412 / Low Sep 29 and bear trigger

GBPUSD traded lower Monday. The pair is back below both the 20- and 50-day EMAs. A deeper pullback would signal scope for a move towards 1.3544, Oct 16 low and this would also highlight a likely resumption of the broader downtrend. On the upside, key short-term resistance has been defined at 1.3835, Oct 20 high where a break would instead confirm a resumption of the recent upleg and open 1.3913, Sep 14 high.

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