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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: 1.2289/2337 High Oct 24 / 11 and the bull trigger
  • PRICE: 1.2141 @ 15:28 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 this week’s climb. Short-term gains are considered corrective and the trend is bearish. A continuation lower would open 1.2037, Oct 4 low and bear trigger. A break of this level would resume the downtrend that started in July and open 1.1964, a 3.00 projection of the Jul 14 - 24 - 27 price swing. For bulls, clearance of 1.2337, the Oct 11 high, would signal scope for a stronger corrective cycle.

MNI London Bureau | +44 203-865-3809 | edward.hardy@marketnews.com
Foreign Exchange Technical AnalysisHomepagemarkets-real-timeBulletMarketsForeign Exchange Bullets
MNI London Bureau | +44 203-865-3809 | edward.hardy@marketnews.com
Foreign Exchange Technical AnalysisHomepagemarkets-real-timeBulletMarketsForeign Exchange Bullets

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