BOBL TECHS: (H6) Southbound

• 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: 107.101/175 50-day EMA / High Oct 24   
• PRICE: 107.060 @ 06:01 GMT Nov 5
• SUP 1: 107.010 Low Oct 30  
• 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  

Schatz futures are in consolidation mode. A short-term bear cycle remains intact - for now. The current 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. Initial resistance is at 107.101, the 50-day EMA.

• 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: 1.3027 @ 06:23 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 yesterday 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.