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Resistance Is At The 20-Day EMA

GBPUSD TECHS
  • RES 4: 1.1738 High Sep 13 and a key resistance
  • RES 3: 1.1590 High Sep 14
  • RES 2: 1.1474/95 50-day EMA / High Oct 5 and the bull trigger
  • RES 1: 1.1204 20-day EMA
  • PRICE: 1.1087 @ 06:07 BST Oct 13
  • SUP 1: 1.0922 50.0% retracement of Sep 26 - Oct 5 bull cycle
  • SUP 2: 1.0787 61.8% retracement of Sep 26 - Oct 5 bull cycle
  • SUP 3: 1.0541/0350 Low Sep 28 / All Time Low
  • SUP 4: 1.0203 3.236 proj of the Jun 16 - Jul 14 - Aug 1 price swing

GBPUSD remains in a short-term bear mode position but did manage to find support Wednesday. At this stage, the recent move lower still appears to be a correction of the rally between Sep 26 - Oct 5. A continuation lower would open 1.0922 and 1.0787, Fibonacci retracement levels. Key support and the primary bear trigger is still far-off at 1.0350, the Sep 26 low. Key resistance is unchanged at 1.1495. Initial resistance is 1.1204, the 20-day EMA.

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