Trend Outlook Remains Bearish

• RES 4: 1.2506 High Sep 14
• RES 3: 1.2444 200-dma
• RES 2: 1.2361 50-day EMA
• RES 1: 1.2220/2337 20-day EMA / High Oct 11 and the bull trigger
• PRICE: 1.2150 @ 06:09 Oct 23
• 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, however, the trend condition remains bearish. The reversal from recent highs signals the end of a corrective phase between Oct 4 - 11 and this has exposed the bear trigger at 1.2037, the Oct 4 low. A break of this level would confirm a resumption of the downtrend that started in July and open 1.1964, a Fibonacci projection. For bulls, a break of 1.2337, the Oct 11 high, is required to signal scope for a stronger corrective phase.