Free Trial

Trend Needle Points South

GBPUSD TECHS
  • RES 4: 1.2506 High Sep 14
  • RES 3: 1.2443 200-dma
  • RES 2: 1.2349 50-day EMA
  • RES 1: 1.2337 High Oct 11 and the bull trigger
  • PRICE: 1.2174 @ 06:03 Oct 25
  • SUP 1: 1.2090 Low Oct 19
  • SUP 2: 1.2037/28 Low Oct 04 and bear trigger / 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 faced resistance Tuesday and has reversed most of this week’s climb. For now, gains are considered corrective and the trend is bearish. A resumption of weakness would open 1.2037, the Oct 4 low and bear trigger. A break of this level would resume the downtrend that started in July and open 1.1964, a Fibonacci projection. For bulls, clearance of 1.2337 would signal scope for a stronger corrective 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.