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Resistance Remains Intact

GBPUSD TECHS
  • RES 4: 1.2452 50-day EMA
  • RES 3: 1.2351 High Sep 21
  • RES 2: 1.2279 20-day EMA
  • RES 1: 1.2220 High Oct 2
  • PRICE: 1.2204 @ 15:45 BST Oct 6
  • 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

GBPUSD bears remain in the driver’s seat despite the recovery off Friday’s pullback low. This week’s fresh cycle lows have reinforced bearish conditions. The extension lower maintains the price sequence of lower lows and lower highs and moving average studies are in a bear-mode position, reflecting the markets bearish sentiment. The focus is on 1.2028, the Mar 16 low. Initial firm resistance is seen at 1.2279, the 20-day EMA. Short-term gains are considered corrective.

Foreign Exchange Technical AnalysisHomepagemarkets-real-timeBulletMarketsForeign Exchange Bullets
Foreign Exchange Technical AnalysisHomepagemarkets-real-timeBulletMarketsForeign Exchange Bullets

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