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Watching Support

GBPUSD TECHS
  • RES 4: 1.1799 0.764 proj of the Sep 26 - Oct 5 - 12 price swing
  • RES 3: 1.1738/87 High Sep 13 / 3.0% 10-dma envelope
  • RES 2: 1.1566/1645 High Oct 27 / High Nov 1
  • RES 1: 1.1485 High Nov 07
  • PRICE: 1.1462 @ 16:16 GMT Nov 7
  • SUP 1: 1.1150 Low Nov 04
  • SUP 2: 1.1061 Low Oct 21
  • SUP 3: 1.0924 Low Oct 12 and a key short-term support
  • SUP 4: 1.0763 Low Sep 29

GBPUSD found support Friday. Last week’s extension lower resulted in a break of the 20- and 50-day EMAs. This undermines a recent bullish theme and exposes 1.1061, the Oct 21 low. The next key support lies at 1.0924, the Oct 12 low, where a break would strengthen a developing bearish threat. For bulls, a stronger reversal higher and a break of 1.1645, Oct 27 high, is required to reinstate the recent bull cycle.

MNI London Bureau | +44 203-865-3809 | edward.hardy@marketnews.com

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