21:02 UTC
Downtrend, basing in a range · RSI 46 · price 1.32549
Lower highs from the Aug peak; 3-week range 1.3181–1.3311.
Cable has trended lower since the 21 Aug high at 1.3675, and the mid-September break below the 1.3470 prior range floor accelerated the decline. Since 22 Sep price has held a 1.3181–1.3311 range for three weeks, with a possible double bottom at 1.3181/1.3184 (1 Oct, 8 Oct) that stays unconfirmed below the 1.3286 neckline. Price sits below a falling EMA(50) near 1.3380, close to the 38.2% retracement of the Aug–Oct decline, and the hot US CPI beat has put the range floor back in focus.
Support: 1.3181, 1.3140
Resistance: 1.3286, 1.3311, 1.3380
What it said to watch
- A daily close below the 1.3181 range floor ends the 3-week range and exposes the 1.3140 june low.
- A close above the 1.3286 neckline confirms the double bottom and brings the 1.3311 range top, then the ema50 and 38.2% zone near 1.3370–1.3380, into play.
- UK GDP (Thu 06:00 UTC), US PPI/retail sales (Thu 12:30 GMT) and BoE Bailey (Fri 02:00 UTC) could each shift the range read.