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Trend Outlook Remains Bearish

GBPUSD TECHS
  • RES 4: 1.2548 High Nov 11
  • RES 3: 1.2508 50-day EMA
  • RES 2: 1.2353/2425 20-day EMA / High Sep 19
  • RES 1: 1.2272 High Sep 25
  • PRICE: 1.2187 @ 05:38 BST Oct 2
  • SUP 1: 1.2111 Low Sep 27
  • SUP 2: 1.2075 38.2% retracement of the Sep ‘22 - Jul ‘23 bull leg
  • SUP 3: 1.2028 Low Mar 16
  • SUP 4: 1.2011 Low Mar 15

GBPUSD bears remain in the driver’s seat and short-term gains are considered corrective. The extension lower last week strengthens the case for bears and maintains the downtrending price sequence of lower lows and lower highs. Moving average studies are in bear-mode position, reflecting current market sentiment. The focus is on 1.2075, a Fibonacci retracement point. Initial firm resistance is seen at 1.2353, the 20-day EMA.

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