GBPUSD slipped sharply Thursday, putting prices through Wednesday lows as well as 20-day EMA support. This marks an extension of the pullback and works against the week’s early bullish tone. Initial firm support is seen at 1.1025, the Sep 30 low. For now, prices remain comfortably off the recent multi-decade low at 1.0350, Sep 26 low. Any resumption of strength would see the 50-day EMA at 1.1572 - a key resistance - as primary resistance.
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Trend conditions in GBPUSD remain bearish and the pair has pulled back from Tuesday’s high. A bearish sequence of lower lows and lower highs remains intact - the definition of a downtrend. Note that trend is oversold however this does not appear to be a concern for bears. The focus is on 1.1412 next, Mar 20 2020 low and a major support. Firm resistance is at 1.1762, the 20-day EMA.
Trend conditions in GBPUSD remain bearish and the pair has pulled back from Tuesday’s high. A bearish sequence of lower lows and lower highs remains intact - the definition of a downtrend. Note that trend is oversold however this does not appear to be a concern for bears. The focus is on 1.1412 next, Mar 20 2020 low and a major support. Firm resistance is at 1.1762, the 20-day EMA.