CANADA DATA: Surprise Q3 GDP Jump On Weak Imports, But Upward Revisions As Well
Real GDP growth was much stronger than expected in Q3 as imports fell heavily in continued heightene...
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GBPUSD TECHS: Clears The Bear Trigger
- RES 4: 1.3527 High Oct 1
- RES 3: 1.3471 High Oct 17 and a key short-term resistance
- RES 2: 1.3422 50-day EMA
- RES 1: 1.3377 20-day EMA
- PRICE: 1.3216 @ 14:46GMT Oct 29
- SUP 1: 1.3195 Intraday low
- SUP 2: 1.3142 Low Aug 1 and a key support
- SUP 3: 1.3041 Low Apr 14
- SUP 4: 1.2971 1.382 proj of the Sep 17 - 25 - Oct 1 price swing
A bear threat in GBPUSD remains present and this week’s sell-off strengthens this theme. The pair has breached 1.3249, the Oct 14 low and a bear trigger. The break confirms a resumption of the downtrend that started Sep 17. Note too that 1.3220 has been pierced, a 0.764 projection of the Sep 17 - 25 - Oct 1 price swing. This signals scope for a move towards key support at 1.3142, Aug 1 low. Initial resistance is 1.3377, the 20-day EMA.
EURGBP TECHS: Resumes Its Uptrend
- RES 4: 0.8865 1.764 proj of the Sep 15 - 25 - Oct 8 price swing
- RES 3: 0.8848 1.618 proj of the Sep 15 - 25 - Oct 8 price swing
- RES 2: 0.8835 High May 3 2023
- RES 1: 0.8818 Intraday high
- PRICE: 0.8812 @ 14:43 GMT Oct 29
- SUP 1: 0.8751 High Sep 25
- SUP 2: 0.8710 20-day EMA
- SUP 3: 0.8688 50-day EMA
- SUP 4: 0.8656 Low Oct 8 and a key support
A bull trend in EURGBP remains intact. Tuesday’s strong gains resulted in a clear break of resistance 0.8769, the Jul 28 high and a bull trigger. This, together with today’s extension, confirms a resumption of the uptrend and maintains the bullish price sequence of higher highs and higher lows. The 0.8800 handle has been cleared, sights are on 0.8835, the May 3 2023 high. Initial support lies at 0.8751, the Sep 25 high.
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