Free Trial

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.

To read the full story



MNI is the leading provider

of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.

Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.