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Remains Soft

GBPUSD TECHS
  • RES 4: 1.3913 High Sep 14 and a key resistance
  • RES 3: 1.3835 High Oct 20
  • RES 2: 1.3668 50-day EMA
  • RES 1: 1.3433/3607 High Nov 11 / High Nov 9 and key S/T resistance
  • PRICE: 1.3399 @ 15:46 GMT Nov 12
  • SUP 1: 1.3353 Low Nov 12
  • SUP 2: 1.3334 1.00 proj of the Sep 14 - 29 - Oct 20 price swing
  • SUP 3: 1.3304 Low Dec 22, 2020
  • SUP 4: 1.3216 1.236 proj of the Sep 14 - 29 - Oct 20 price swing

GBPUSD remains soft. The pair traded sharply lower Wednesday and has breached support at 1.3412, Sep 29 low. This confirms a resumption of the current bear trend and paves the way for an extension lower S/T. A doji candle pattern Tuesday highlighted the likelihood of a resumption of weakness following a corrective bounce between Nov 5 - 9. The focus is on 1.3354 next. Firm resistance has been defined at 1.3607, Nov 9 high.

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