GBPUSD TECHS: Bull Cycle

• RES 4: 1.3471 High Oct 17 and a key short-term resistance    
• RES 3: 1.3369 50-day EMA   
• RES 2: 1.3249/3277 Low Oct 14 / 20-day EMA
• RES 1: 1.3142 Low Aug 1 
• PRICE: 1.3041 @ 15:57 GMT Nov 5
• SUP 1: 1.3010 Low Nov 4
• SUP 2: 1.2971 1.382 proj of the Sep 17 - 25 - Oct 1 price swing
• SUP 3: 1.2945 50.0% retracement of the Jan 13 - Jul 1 bull leg
• SUP 4: 1.2877 1.618 proj of the Sep 17 - 25 - Oct 1 price swing          

A sharp sell-off in GBPUSD Tuesday reinforces bearish conditions. A key support at 1.3142, the Aug 1 low, has recently been cleared. The break confirmed a resumption of the downtrend that started Sep 17. Sights are on 1.2971 next, a Fibonacci projection point. Note that the trend is in oversold territory, a recovery would allow this condition to unwind. Initial resistance is at 1.3142, the Aug 1 low.                 

RRP usage slips to $12.700B with 12 counterparties this afternoon - from $16.893B Tuesday. Compares to $2.435B on October 24 (lowest level since mid-March 2021) and the year's highest usage of $460.731B on June 30.

MNI speaks to the Institute for Supply Management services chair Steve Miller about the fastest gain in U.S. service sector activity in eight months in October -- On MNI Policy MainWire now, for more details please contact  sales@marketnews.com