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Reverses Hard Off Recovery Highs

  • RES 4: 1.1783 High Aug 29
  • RES 3: 1.1738 High Sep 13 and a key resistance
  • RES 2: 1.1572 50-day EMA
  • RES 1: 1.1489 High Oct 4
  • PRICE: 1.1178 @ 16:41 BST Oct 6
  • SUP 1: 1.1025 Low Sep 30
  • SUP 2: 1.0763 Low Sep 29
  • 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 slipped sharply Thursday, putting prices through Wednesday lows as well as 20-day EMA support. This marks an extension of the pullback and works against the week’s early bullish tone. Initial firm support is seen at 1.1025, the Sep 30 low. For now, prices remain comfortably off the recent multi-decade low at 1.0350, Sep 26 low. Any resumption of strength would see the 50-day EMA at 1.1572 - a key resistance - as primary resistance.

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