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Resistance Remains Exposed

GBPUSD TECHS
  • RES 4: 1.1799 0.764 proj of the Sep 26 - Oct 5 - 12 price swing
  • RES 3: 1.1738 High Sep 13
  • RES 2: 1.1645 High Oct 27 and the bull trigger
  • RES 1: 1.1599 High Nov 8
  • PRICE: 1.1411 @ 06:04 GMT Nov 10
  • SUP 1: 1.1334/1150 Low Nov 09 / Nov 04 nand a bear trigger
  • SUP 2: 1.1061 Low Oct 21
  • SUP 3: 1.0924 Low Oct 12 and a key short-term support
  • SUP 4: 1.0763 Low Sep 29

GBPUSD faded fast into the Wednesday close. Recent price action highlights two important short-term directional triggers. Resistance is at 1.1645, the Oct 27 highland is seen as a bull trigger while 1.1150, the Nov 4 low, marks the key short-term support. A break of 1.1150 would reinstate a bearish theme. The outlook is bullish and a breach of 1.1645 would reinforce this theme. This would open 1.1799, a Fibonacci projection.

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