SCHATZ TECHS: (Z5) Pierces Key Support Support
* RES 4: 107.175 High Oct 24 * RES 3: 107.095 High Oct 28 / 31 * RES 2: 107.039 50-day EMA * RES 1: ...
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SCHATZ TECHS: (Z5) Support Remains Exposed
- 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: 107.107/175 50-day EMA / High Oct 24
- PRICE: 107.075 @ 06:05 GMT Nov 3
- SUP 1: 107.010/014 Low Oct 30 / 76.4% of Sep 25 - Oct 17 bull leg
- 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
A short-term bear cycle in Schatz futures remains intact - for now. The current bear cycle that started Oct 17 is considered corrective and is allowing a recent overbought trend condition to unwind. Sights are on 107.014 (pierced), the 76.4% retracement of the Sep 25 - Oct 17 bull leg, and the next important support. A break would strengthen a bear theme. Initial resistance is at 107.107, the 50-day EMA.
LOOK AHEAD: UK Timeline of Key Events (Times GMT)
| Date | Time | Period | Event |
| 03-Nov | 0930 | Oct | S&P Global Manufacturing PMI (Final) |
| 04-Nov | 1140 | --- | BOE Breeden at International Banking Conference |
| 05-Nov | 0930 | Oct | S&P Global Services / Composite PMI (Final) |
| 05-Nov | 1610 | --- | BOE Breeden At SALT Blockchain Event |
| 06-Nov | 0930 | Oct | S&P Global/CIPS Construction PMI |
| 06-Nov | 1200 | --- | Bank Of England Interest Rate |
| 06-Nov | 1230 | --- | BOE Press Conference |
| 06-Nov | 1400 | Oct | Decision Maker Panel Data |
| 07-Nov | --- | --- | BOE MPG Agenda Published |
| 07-Nov | 1110 | --- | BOE Saporta At ECB Money Market Conference |
| 07-Nov | 1200 | --- | BOE Market Participants Survey |
| 07-Nov | 1215 | --- | BOE Pill At National Agency Briefing |
| 10-Nov | 0910 | --- | BOE Lombardelli at BOE/Ghana Central Bank Conference |
| 11-Nov | 0001 | Oct | BRC-KPMG Shop Sales Monitor |
| 11-Nov | 0700 | Sep/Oct | Labour Market Report |
| 11-Nov | 0830 | --- | BOE Greene in Panel at UBS European Conference |
| 12-Nov | --- | --- | BOE MPG Meeting |
GBPUSD TECHS: Bearish However The Trend Is Oversold
- RES 4: 1.3527 High Oct 1
- RES 3: 1.3471 High Oct 17 and a key short-term resistance
- RES 2: 1.3393 50-day EMA
- RES 1: 1.3249/3322 Low Oct 14 / 20-day EMA
- PRICE: 1.3143 @ 06:17 GMT Nov 3
- SUP 1: 1.3097 Low Oct 31
- SUP 2: 1.3041 Low Apr 14
- SUP 3: 1.2971 1.382 proj of the Sep 17 - 25 - Oct 1 price swing
- SUP 4: 1.2945 50.0% retracement of the Jan 13 - Jul 1 bull leg
A bear cycle in GBPUSD remains intact and last week’s impulsive sell-off strengthens current conditions. The pair has breached key support at 1.3142, the Aug 1 low. The break confirms a resumption of the downtrend that started Sep 17. Sights are on 1.3041 next, the Apr 14 low. Initial firm resistance is 1.3322, the 20-day EMA. Note that the trend is in oversold territory, a recovery would allow this condition to unwind.
