21:03 UTC
Downtrend, consolidating near lows · RSI 30 · price 1.32624
Lower highs and lower lows since the Aug 21 high; basing above the Sept low.
GBPUSD has been in a downtrend since the Aug 21 high at 1.3675, putting in lower highs at 1.3568 before the Sept 16 break of the 1.3465 range floor. That break came as a resurgent USD rallied on hawkish-Fed repricing and firm US labour data. For the past week price has consolidated just above the 1.3202 Sept low, below both EMA20 and a rolling-over EMA50, with RSI near 30. Wednesday's bounce stalled at the 1.3311 bounce high, close to the 23.6% retracement of the Aug–Sept decline, despite the UK GDP beat.
Support: 1.3202, 1.3140
Resistance: 1.3311, 1.3400, 1.3465
What it said to watch
- Daily close below the 1.3202 Sept low extends the lower-low chain toward the 1.3140 June low
- Close above the 1.3311 bounce high exposes the 38.2% fib at 1.3383 and the 1.3400 Sept 21 high
- The broken 1.3465 range floor and the trendline along the Aug–Sept lower highs cap the larger structure
- US NFP on Fri Oct 2 at 12:30 UTC could materially shift this read