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Trend Structure Remains Bearish

  • RES 4: 1.2506 High Sep 14
  • RES 3: 1.2444 200-dma
  • RES 2: 1.2444 50-day EMA
  • RES 1: 1.2337 High Oct 11 and the bull trigger
  • PRICE: 1.2196 @ 06:00 Oct 17
  • SUP 1: 1.2037 Low Oct 04 and the bear trigger
  • SUP 2: 1.2028 Low Mar 16
  • SUP 3: 1.2011 Low Mar 15 and a key support
  • SUP 4: 1.1964 3.00 proj of the Jul 14 - 24 - 27 price swing

GBPUSD trend conditions remain bearish and short-term gains are considered corrective. The pair remains below last week’s high and a continuation lower would refocus attention on support and the bear trigger at 1.2037, the Oct 4 low. Clearance of this level would confirm a resumption of the downtrend and open 1.1964, a Fibonacci projection. For bulls, a break of 1.2337, the Oct 11 high, would signal scope for a stronger corrective phase.

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