Flat 1.3140 floor since Q1 2026 with descending highs from the Jan peak.
Cable has been range-bound since the January 2026 high at 1.3869. Lows have held flat at the 1.3140 range floor in March, June and October, while highs have stepped lower to the 1.3670 range top, so the range is compressing. Price has recovered from the October low to sit back on the flat W1 EMA(50) near 1.3410 and the 50% retracement of the Nov 2025–Jan 2026 rally, as GBP firms into a fully priced BoE hike to 4.00%. Weekly RSI near 54 is mid-range and carries no regime signal.
Support: 1.3410, 1.3140, 1.3010
Resistance: 1.3500, 1.3670, 1.3869
What it said to watch
A weekly close above the 1.3500 psych level and the lower-highs trendline brings the 1.3670 range top back into play
A weekly close back below the ema50 near 1.3410 returns price to the lower half of the range
Failure to hold the 1.3140 range floor breaks the 2026 base and exposes the 2025 low at 1.3010
BoE decision on Nov 5: a narrow vote split or 'one-and-done' guidance could materially shift this read
US Midterms and Payrolls next week drive the USD side of the pair
Cable has been range-bound between the 1.3137 range floor and the 1.3675 range top since the February 2026 pullback from the 2026 high at 1.3869. Lows near 1.3160, 1.3140 and 1.3137 have defined that floor across three quarters. Price has rebounded to 1.3428, just above a flat w1 ema50 at 1.3401 and near the 50% retracement of the Nov 2025 to Jan 2026 rally, so the macro trend filter reads neutral. GBP has firmed into an expected BoE hike, but the move so far is a mid-range recovery rather than a regime change, with the 1.3500 round number the next cap.
Support: 1.3401, 1.3137, 1.3010
Resistance: 1.3500, 1.3675, 1.3869
What it said to watch
A weekly close above the 1.3675 range top ends the range read and opens the 2026 high at 1.3869
A weekly close back below the w1 ema50 at 1.3401 returns price to the lower half of the range
Failure to hold the 1.3137 range floor exposes the 2025 low at 1.3010
Rejection at the 1.3500 round number would keep the mid-range rotation intact
BoE decision Nov 5: a narrow vote split or one-and-done guidance after a fully priced hike could materially shift this read
US midterms and payrolls next week drive the USD side of the range
Lower highs from the 2026 high against rising lows from the 2025 low; price mid-range.
Cable has been range-bound between the range floor near 1.3140 and the range top near 1.3675 since the January 2026 high at 1.3869. Lower highs from that peak and rising lows from the 2025 low at 1.3010 have compressed the structure into a contracting consolidation. Price at 1.3378 sits mid-range, between the 50% and 61.8% retracement of the Nov–Jan rally. It is just below a flattening W1 EMA(50) near 1.3415, so the macro filter gives no trend signal. GBP demand into next week's expected BoE hike has lifted the pair off the range floor. The bounce is stalling at the ema50 and 1.3420 area, with firm US data and Fed hike optionality capping it.
Support: 1.3140, 1.3010
Resistance: 1.3415, 1.3675, 1.3869
What it said to watch
A weekly close above the ema50 at 1.3415–1.3420 would put price back above the macro filter for the first time since early September.
BoE decision Thu Nov 5 (25bp hike to 4.00% expected): a split vote or one-and-done guidance could unwind the bounce back toward the range floor.
A weekly close below the range floor at 1.3140 would break the rising lows and expose the 2025 low at 1.3010.
A weekly close above the range top at 1.3675 would breach the lower-highs line and reopen the 2026 high at 1.3869.