MNI EXCLUSIVE: MNI Speaks to ISM services Survey Chief Steve Miller

• RES 4: 1.3599 High Aug 28
• RES 3: 1.3568 High Sep 9 
• RES 2: 1.3412 50-day EMA
• RES 1: 1.3311/1.3338 High Sep 30 / 20-day EMA
• PRICE: 1.3215 @ 16:17 BST Oct 05
• SUP 1: 1.3181 Low Oct 01
• SUP 2: 1.3140 Low Jun 24 and a key M/T support
• SUP 3: 1.3096 Low Nov 25 ‘25
• SUP 4: 1.2984 50.0% retracement of the Jan 13 ‘25 - Jan 27 bull leg  

The trend structure in GBPUSD remains bearish. A fresh cycle low on Thursday confirmed a flag formation - a bearish continuation signal that reinforces current trend conditions - on the daily chart. Note that moving average studies are in a bear-mode position, highlighting a dominant downtrend. Scope is seen for an extension towards 1.3140, the Jun 24 low and the next key support. Resistance at the 20-day EMA is at 1.3338.           

ISM Services survey chief Steve Miller discusses the October sector outlook. - On MNI Policy MainWire now, for more details please contact sales@marketnews.com. 

• RES 4: 1.1612 High Sep 14
• RES 3: 1.1500 50-day EMA 
• RES 2: 1.1380/1.1442 High Sep 30 / 20-day EMA
• RES 1: 1.1325 Low Jun 24  
• PRICE: 1.1211 @ 16:15 BST Oct 05
• SUP 1: 1.1161 Low Oct 05
• SUP 2: 1.1111 50.0% retracement of the Feb 3 ‘25 - Jan 27 bull leg
• SUP 3: 1.1063 1.236 proj of the Apr 17  - Jun 24 - Aug 20 price swing
• SUP 4: 1.0882 61.8% retracement of the Feb 3 ‘25 - Jan 27 bull leg

The base of the closely-watched bear channel gave way early Monday, opening further downside and prompting a new 18-month low of 1.1161. Support into 1.1187 similarly failed to prop up prices, keeping momentum firmly pointed lower. The sequence of lower lows and lower highs is intact, leaving 1.1111 as the next key level - the 50.0% retracement of the Feb 3 ‘25 - Jan 27 bull leg. Initial resistance remains at 1.1325, the Jun 24 low.