Free Trial

Trades Below The 50-Day EMA

GBPUSD TECHS
  • RES 4: 1.1834 76.4% Fib retracement for the Aug - Sep downleg
  • RES 3: 1.1799 0.764 proj of the Sep 26 - Oct 5 - 12 price swing
  • RES 2: 1.1738/87 High Sep 13 / 3.0% 10-dma envelope
  • RES 1: 1.1566/1645 High Oct 27 / High Nov 1
  • PRICE: 1.1306 @ 08:25 GMT Nov 3
  • SUP 1: 1.1272 Low Oct 25
  • 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 is trading lower, extending the pullback from 1.1645, the Nov 1 high and a key resistance. Price has traded below both the 20- and 50-day EMAs and an extension lower would expose 1.1272 next, the Oct 25 high. The next firm support lies at 1.1061, Oct 21 low. The latest pullback is considered corrective - for now. A reversal higher and a break of 1.1645, would confirm a resumption of the recent bull cycle.

To read the full story

Close

Why MNI

MNI is the leading provider

of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.

Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.