* -10,000 TYG6 111.5/113.5 strangles at 18 ref 112-17.5...
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The trend theme in GBPUSD is unchanged and conditions are bearish, despite the additional spot rally Wednesday. For now, short-term gains are considered corrective. Note that moving average studies are in a bear-mode condition, highlighting a dominant downtrend. Key resistance to watch is 1.3261, the 50-day EMA. A clear break of this hurdle would highlight a potential reversal. 1.3010, the Nov 4 / 5 low, is the trigger for a resumption of the bear leg.
The trend theme in GBPUSD is unchanged and conditions are bearish, despite the additional spot rally Wednesday. For now, short-term gains are considered corrective. Note that moving average studies are in a bear-mode condition, highlighting a dominant downtrend. Key resistance to watch is 1.3261, the 50-day EMA. A clear break of this hurdle would highlight a potential reversal. 1.3010, the Nov 4 / 5 low, is the trigger for a resumption of the bear leg.
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