GPUSD Daily Analysis (Nov 1)

GPUSD Daily Analysis (Nov 1)

GBPUSD 2021 10 31 23 22 40

The overall structure of lower highs remains intact as shown on chart(arrows). That keeps the longer term bearish trend in place. . As the price attempts towards the long term 200-days simple moving average last week were rejected, placing a new swing high.

On Friday the pair has broken back below the 50-days simple moving average and the short term horizontal support at 1.3710. This break below 1.3710 suggests the short term bias may have turned bearish again. We might see a bullish bounce to retest the broken 1.3710 before resuming the downside if the level holds. Next potential targets at 1.3625 and 1.3570.

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