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Remains Vulnerable

CABLE TECHS
  • RES 4: 1.3270 2.0% 10-dma envelope
  • RES 3: 1.3177 High Oct 21 and the bull trigger
  • RES 2: 1.3080 High Oct 27 and key near-term resistance
  • RES 1: 1.3026 High Oct 29
  • PRICE: 1.2908 @ 05:50 GMT Nov 2
  • SUP 1: 1.2881 Low Oct 29
  • SUP 2: 1.2863 Low Oct 14 and key near-term support
  • SUP 3: 1.2806 Low Sep 30
  • SUP 4: 1.2794 76.4% retracement of the Sep 23 - Oct 21 rally

The GBPUSD outlook remains bearish following last week's extension lower. The breach of 1.2940, Oct 21 low suggests scope for a deeper pullback with attention on 1.2863, Oct 14 low and a key short-term support. Clearance of this level would open 1.2794, a Fibonacci retracement. Price action has defined initial firm resistance at 1.3080, Oct 27 high. A move back above this hurdle would ease bearish pressure and open 1.3177, Oct 21 high.

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