Resistance Begins to Crack

• RES 4: 1.2452 50-day EMA
• RES 3: 1.2441 200-dma
• RES 2: 1.2351 High Sep 21
• RES 1: 1.2337 High Oct 11
• PRICE: 1.2300 @ 16:20 Oct 11
• SUP 1: 1.2037 Low Oct 04 and the bear trigger
• SUP 2: 1.2028 Low Mar 16
• SUP 3: 1.2011 Low Mar 15 and a key support
• SUP 4: 1.1964 3.00 proj of the Jul 14 - 24 - 27 price swing

The GBPUSD outlook has begun to improve, with spot showing above the key 20-day EMA at 1.2272 through the Wednesday open. A firm break and close above this level could signal a near-term bottom in the price, opening gains toward the 200-dma above at 1.2441 and levels last seen in mid-September. For now, last week’s fresh cycle lows remain in view, which has reinforced bearish conditions over the medium-term. To return focus lower, 1.2028, the Mar 16 low will be the key downside target. For now, short-term gains are considered corrective.