21:02 UTC
Downtrend, five straight weekly losses · RSI 34 · price 1.3241
Lower highs and lower lows since the 21 Aug peak; basing at 1.3180-1.3310.
Cable has carved a lower-high, lower-low chain since the 1.3675 peak on 21 Aug, with the 1.3475 aug low giving way in mid-September. Price now trades below a falling EMA20 near 1.3326 and an EMA(50) rolling over near 1.3405, on track for a fifth weekly loss as French fiscal stress and US yields near 5.3% keep the dollar bid. The latest swing low at 1.3181 is the lowest since late June. Friday's NFP-miss bounce stalled under the 1.3311 lower high, leaving a two-week consolidation between 1.3180 and 1.3310.
Support: 1.3181, 1.3140
Resistance: 1.3311, 1.3405, 1.3475
What it said to watch
- Daily close below the 1.3181 swing low extends the lower-low chain and exposes the 1.3140 june low
- Daily close above the 1.3311 lower high breaks the descending sequence and puts the trendline and ema50 near 1.3405 in play
- Reclaiming the 1.3475 aug low would negate the post-August downtrend read
- BoE Mann (Tue) and FOMC Minutes (Wed) could materially shift this read
- RSI holding in the mid-30s near 1.3181 without a fresh low would signal the decline losing momentum