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Trend Needle Points South

GBPUSD TECHS
  • RES 4: 1.2548 High Sep 11
  • RES 3: 1.2506 High Sep 14
  • RES 2: 1.2438 200-dma
  • RES 1: 1.2289/2337 High Oct 24 / 11 and the bull trigger
  • PRICE: 1.2133 @ 05:48 GMT Nov 1
  • 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 is consolidating and continues to trade below the Oct 24 high. The trend outlook is bearish and attention is on 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, is required to signal scope for a stronger corrective cycle and highlight a short-term base.

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