SCHATZ TECHS: (H6) Oversold But Remains Bearish

• RES 4: 107.348 50.0% retracement of Apr 7 - Sep 25 bear leg (cont) 
• RES 3: 107.320 High Oct 17 and the bull trigger 
• RES 2: 107.235 High Oct 22 
• RES 1: 107.092/175 50-day EMA / High Oct 24   
• PRICE: 107.010 @ 04:53 GMT Nov 11
• SUP 1: 107.005 Intraday low   
• SUP 2: 106.995 Low  Oct 8   
• SUP 3: 106.965 Low Oct 6
• SUP 4: 106.920 Low Sep 25 and a key support  

A short-term bear cycle in Schatz futures remains intact - for now. The downleg that started Oct 17 is considered corrective and has allowed a recent overbought trend condition to unwind. Note that 107.014, 76.4% of the Sep 25 - Oct 17 bull leg and the next important support, has been pierced. A clear break of it would signal scope for a deeper retracement and open 106.995, the Oct 8 low. Initial resistance is at 107.092, the 50-day EMA.

• RES 4: 1.3471 High Oct 17 and a key short-term resistance    
• RES 3: 1.3334 50-day EMA   
• RES 2: 1.3231 20-day EMA
• RES 1: 1.3191 High Nov 10
• PRICE: 1.3169 @ 06:25 GMT Nov 11
• SUP 1: 1.3010 Low Nov 4 and 5 and the bear trigger 
• 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 bear trend in GBPUSD remains intact and recent gains still appear corrective. The move higher is allowing an oversold trend condition to unwind. Firm short-term resistance to watch is at the 20-day EMA, at 1.3231. A break of this hurdle would signal scope for an extension towards the 50-day EMA, at 1.3334. For bear, a resumption of the downtrend would open 1.2971. The bear trigger is 1.3010, the Nov 4 and 5 low.