GBPUSD keeps bearish consolidation towards 1.3320 on UK GDP day

FX:GBPUSD   British Pound / U.S. Dollar
GBPUSD posts a corrective pullback from the yearly low of around 1.3425 ahead of the UK data dump, comprising preliminary readings of the UK Q3 GDP. Even so, the cable pair needs a daily closing beyond September’s bottom of 1.3411, as well as the 50% Fibonacci retracement level near 1.3460, to convince short-term buyers. Even so, lows marked in July and 200-SMA, respectively around 1.3575 and 1.3845, become tough nuts to crack for the bulls.

Meanwhile, oversold RSI conditions may trigger corrective pullback on the way to the four-month-old support line near 1.3320. Following that, 61.8% Fibonacci retracement level and October 2020 peak, close to 1.3270 and 1.3175 in that order, will question the GBPUSD bears before directing them to the sub-1.3000 area. Overall, the sterling remains in the bearish trajectory but intermediate pullbacks can’t be ruled out.


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