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Trend Needle Points South

GBPUSD TECHS
  • RES 4: 1.2506 High Sep 14
  • RES 3: 1.2442 200-dma
  • RES 2: 1.2340 50-day EMA
  • RES 1: 1.2289/2337 High Oct 24 / 11 and the bull trigger
  • PRICE: 1.2108 @ 15:09 Oct 26
  • SUP 1: 1.2037/28 Low Oct 04 and bear trigger / Low Mar 16
  • SUP 2: 1.2011 Low Mar 15 and a key support
  • SUP 3: 1.1964 3.00 proj of the Jul 14 - 24 - 27 price swing
  • SUP 4: 1.1908 Low Mar 10

GBPUSD continues to pull away from Tuesday’s high, initially trading lower before recouping losses into the close. Recent gains are considered corrective and the trend is bearish. The focus is on 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 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

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