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Cable

GBPUSD bears flex muscles despite recent reboundGBPUSD confirmed a rising wedge bearish chart pattern on Friday, despite posting another weekly gain and marking an intraday run-up of late. However, the absence of an oversold RSI suggests that the Cable pair could drift lower. That said, the 50-SMA and a two-month-old previous resistance line, respectively near 1.2200 and 1.2170, can restrict the short-term downside of the pair before directing it to the 200-SMA support level surrounding 1.2070. It’s worth noting that the quote’s weakness past 1.2170 makes it vulnerable to visit the multiple supports marked since mid-February around 1.1920-10, a break of which won’t hesitate to approach the theoretical target near 1.1730. Meanwhile, GBPUSD recovery remains elusive unless the quote stays below the stated wedge’s lower line and 78.6% Fibonacci retracement level of the pair’s fall between late January and early March, around 1.2300 by the press time. Following that, the monthly high of around 1.2345 could test the Cable pair buyers. In a case where the quote remains firmer past 1.2345, multiple hurdles could test between 1.2400 and 1.2430 will precede the yearly high of around 1.2450 to challenge the pair’s upside momentum. Overall, GBPUSD is likely to witness further downside but the road toward the south appears long and bumpy.
by MTradingGlobal
GBPUSD runs into key resistance as BoE rate hike loomsGBPUSD pokes a 10-month-old descending resistance line as the Cable bulls brace for the Bank of England (BoE) updates. Given the pair’s successful trading above the key DMAs and a clear rebound from the 61.8% Fibonacci retracement of the May-September 2022 downturn, the buyers are likely to overcome the stated trend line resistance, currently around 1.2340. The same, if backed by the hawkish BoE updates, could allow the buyers to cross the multiple hurdles near the 1.2445-50 region. Following that, the May 2022 peak surrounding 1.2665 could gain the market’s attention. On the flip side, the 50-DMA and the 200-DMA restrict short-term GBPUSD downside near 1.2140 and 1.1900 respectively. Also acting as immediate support is the 1.2000 psychological magnet, as well as the 61.8% Fibonacci retracement level of 1.1775. In a case where the Cable bears keep the reins past 1.1775, joined by the BoE’s disappointment, tops marked in September and October of the last year, around 1.1735 and 1.1645 in that order, could act as intermediate halts during a likely fall towards the 50% Fibonacci retracement level around 1.1500. To sum up, GBPUSD is likely to rise further and has a price-positive technical set-up but the upside momentum needs validation from the BoE.
by MTradingGlobal
GBPUSD buyers struggle on UK employment, US inflation dayDespite rising in the last four consecutive days, the GBPUSD bulls take a breather ahead of the key UK jobs report and the US Consumer Price Index (CPI) data. That said, the three-week-old descending resistance-turned-support-line, around 1.2140 at the latest, restricts the immediate downside of the Cable pair. Following that, the 200-SMA level surrounding 1.2100 precedes the one-week-old ascending trend line and the 100-SMA, respectively near 1.2040 and 1.2000, to challenge probe the Cable pair sellers. Should the quote remains bearish past 1.2000, a horizontal area comprising multiple levels marked since February 17, between 1.1915 and 1.1925, could try to prod the Cable bears. Alternatively, the 61.8% Fibonacci retracement level of the GBPUSD pair’s January-March fall, around 1.2200, caps the immediate upside around 1.2100. Following that, a run-up towards the mid-February swing high of around 1.2270 appears safe to expect. It should be noted that the quote’s run-up beyond 1.2270 will be crucial to watch as it holds the key to the pair’s run-up toward the previous monthly peak of 1.2400. Overall, the pre-data anxiety joins nearly overbought RSI conditions to probe GBPUSD buyers. However, the bullish MACD signals and hopes for further US Dollar weakness keep the bulls hopeful.
by MTradingGlobal
GBPUSD eyes further downside ahead of crucial US/UK data GBPUSD holds a confirmed place in the bear’s radar after breaking an important support line from mid-November, as well as the 200-DMA, as traders await the UK data dump and the US jobs report. That said, a daily closing below the 50% Fibonacci retracement level of the Cable pair’s upside from November 2022 to January 2023, near 1.1795, becomes necessary to witness the quote’s further declines amid the nearly oversold RSI and downbeat MACD signals. In that case, the late October 2022 swing high and the 61.8% Fibonacci retracement level, around 1.1645-40, may lure the pair sellers. Should the quote remains bearish past 1.1640, the 78.6% Fibonacci retracement level of 1.1422 and the November 09 bottom of around 1.1330 might act as intermediate halts before directing it to the late 2022 low of 1.1144. On the contrary, GBPUSD recovery may initially aim for the 200-DMA level of around 1.1910 ahead of challenging the 1.1950 support-turned-resistance comprising the previous support line from November 17 and 38.2% Fibonacci retracement level. Following that, the 1.2000 psychological magnet and a downward-sloping resistance line from late January, near 1.2090, will be in focus. It’s worth observing that the Cable pair’s successful trading beyond 1.2090, as well as crossing the 1.2100 threshold, could help the bulls to retake control. Overall, GBPUSD is likely to decline further unless crossing the 1.2100 hurdle.
by MTradingGlobal
GBPUSD braces for a bull run, falling wedge in focusGBPUSD holds onto the Brexit deal-inspired gains inside a one-month-old bullish chart formation called a falling wedge, following a sustained rebound from a fortnight-old descending trend line. Adding strength to the upside bias are the bullish MACD signals. However, nearly overbought RSI challenges the theoretical north-run targeting 1.2600. That said, the mid-February high and the previous monthly top, respectively around 1. 2270 and 1.2450, could test the buyers. It should be noted that the 100-SMA and aforementioned wedge’s confirmation points, respectively near 1.2060 and 1.12110, could challenge the immediate upside of the quote. On the flip side, the 100-SMA and previous resistance line from February 14, close to 1.2060 and 1.2020 in that order, precede the 1.2000 psychological magnet to challenge the short-term pullback of the GBPUSD pair. It’s worth noting that the road past 1.2000 appears bumpy with multiple stops near 1.1940 and 1.1900. Also acting downside filters are the lows marked in January and during mid-November 2022, near 1.1840 and 1.1760 respectively. Overall, GBPUSD is back on the bull’s radar as traders await UK PMI and BOE Governor Andrew Bailey’s speech.
by MTradingGlobal
Ascending triangle teases GBPUSD bears ahead of UK PMIGBPUSD stays defensive inside a three-month-old ascending triangle, following the previous week’s rebound from the 200-DMA. Even so, downbeat oscillators join lower high formations to keep the sellers hopeful ahead of monthly PMI data from Britain. That said, the stated triangle’s lower line precedes the key moving average to challenge the Cable pair bears around 1.1990 and 1.1935 in that order. Following that, lows marked during January and mid-November 2022, close to 1.1840 and 1.1760 respectively, may challenge the bears. Also acting as short-term key support is last September’s peak surrounding 1.1735, a break of which could give a free hand to the pair sellers. Alternatively, recovery moves could aim for the three-week-old descending resistance line, near 1.2220, followed by the previous weekly high near 1.2270. In a case where GBPUSD buyers manage to cross the 1.2270 hurdle the odds of witnessing a run-up towards the multiple resistance area around 1.2450 can’t be ruled out. It’s worth noting that a successful break of the 1.2450 resistance could propel the Cable pair’s advances to May 2022 high near 1.2665. Overall, GBPUSD remains on the bear’s radar ahead of the key UK data.
by MTradingGlobal
GBPUSD recovery remains unconvincing ahead of UK inflationGBPUSD holds onto the recovery from an early February rebound from a three-month-old ascending support line, staying beyond the 100-day EMA to lure more bids. Adding strength to the upside bias is the upward-sloping RSI (14) line and the recently upbeat MACD signals. However, the previous support from early November, near 1.2265, acts as an immediate hurdle to challenge the bulls. Following that, a horizontal area comprising multiple tops marked since December, near 1.2450, appears crucial for the Cable buyers to tighten the holds, a break of which could propel prices towards May 2022 peak surrounding 1.2665. On the flip side, the 100-day EMA level surrounding 1.2040 and the 1.2000 psychological magnet challenge short-term pullbacks of the GBPUSD. That said, a clear downside break of the 1.2000 mark needs validation from the aforementioned support line from November 17, close to 1.1965 at the latest, to convince bears. In a case where the quote remains weak past 1.1965, the odds of witnessing a slump towards January’s low near 1.1840 and the mid-November 2022 bottom surrounding 1.1760 can’t be ruled out. Overall, GBPUSD remains on the bear’s radar despite the latest run-up, which in turn highlights today’s UK Consumer Price Index (CPI) for clear directions.
by MTradingGlobal
GBPUSD reverses from 200-SMA ahead of UK GDPGBPUSD pares the early-week recovery from 78.6% Fibonacci retracement of January 06-23 upside while taking a U-turn from the 200-SMA hurdle. The pullback also take justifies the downbeat RSI and MACD conditions, suggesting further declines towards 61.8% and 78.6% Fibonacci retracement levels, around 1.2070 and 1.1970 in that order. It’s worth noting, however, that the GBP/USD pair’s weakness below 1.1970 will make it vulnerable to drop toward the previous monthly low of near 1.1840. Alternatively, a successful break of the aforementioned key SMA hurdle surrounding 1.2190 isn’t an open invitation to the GBPUSD buyers. That said, the 1.2200 and late January swing low around 1.2265 could challenge the Cable buyers before the three-week-old resistance line of 1.2370. In a case where the quote remains firmer past 1.2370, the two-month-long horizontal area around 1.2440-50 appears a tough nut to crack for the bulls. To sum up, GBPUSD braces for the key UK Q4 GDP which is likely to disappoint.
by MTradingGlobal
GBPUSD bulls need to cross 1.2450 to keep the reinsGBPUSD regains upside momentum, after a soft start to the week, as the Cable traders await the UK PMIs for January. It’s worth noting that the bullish MACD signals favor the latest upside but the RSI is nearly overbought, which in turn highlights the six-week-old horizontal resistance area surrounding 1.2450. Should the firmer British activity data allow the quote to cross the 1.2450 hurdle, the 61.8% Fibonacci Expansion (FE) of its November 2022 to January 2023 moves, near 1.2650, will be in focus. It’s worth noting that the May 2022 peak surrounding 1.2660 could challenge the pair buyers afterward. Alternatively, the 1.2300 and the 1.2200 round figures could entertain the GBPUSD sellers during the pair’s pullback. However, the 1.2000 psychological magnet can restrict the Cable pair’s further downside. In a case where the quote remains weak past 1.2000, the 100-EMA level surrounding 1.1980 and the monthly low of 1.1840 will gain the market’s attention as the last defense of the pair buyers. Overall, GBPUSD remains on the buyer’s radar ahead of the key UK data but the upside room appears limited.
by MTradingGlobal
GBPUSD fades bounce off 100-day EMA ahead of key UK dataGBPUSD bulls are struggling to keep the reins as traders await crucial British economics scheduled during the week, starting with the UK jobs report. That being said, a retreat in the RSI and sluggish MACD joined the recent softness in prices to signal the Cable pair’s pullback towards the 1.2000 psychological magnet, a break of which could quickly drag the quote to the 100-day EMA surrounding 1.1930. In a case where the pair remains bearish past 1.1930, tops marked during September and October 2022, respectively around 1.1735 and 1.1645, could act as the last defense of the buyers. Alternatively, GBPUSD buyers need to cross a downward-sloping resistance line from late March 2022, close to 1.2350, to convince markets. Following that, the late 2022 peak surrounding 1.2445 might probe the bulls before directing them to the 78.6% Fibonacci retracement level of the pair’s March-September downturn, around 1.2665. Should the Cable pair remains firmer past 1.2665, multiple lows marked during early April near 1.2975 and the 1.3000 round figure might test the upside moves ahead of highlighting March 2022 peak near 1.3200. Overall, GBPUSD is at an interesting place in the chart where bulls and bears are mostly equal, which in turn highlights this week’s data for clear directions.
by MTradingGlobal
GBPUSD holds onto bullish bias targeting 1.2450GBPUSD retreats from a one-month-old broad resistance area surrounding 1.2210-40 as the Cable traders brace for the UK data dump on Friday. The quote’s sustained trading beyond the convergence of the 50-SMA and 100-SMA, around 1.2070-65 at the latest, joins upbeat oscillators to keep the pair buyers hopeful of overcoming the key horizontal resistance zone. Following that, the previous monthly high surrounding 1.2450 could lure the bulls. It should be noted, however, that the pair’s successful trading above 1.2450 enables the bulls to aim for the 61.8% Fibonacci Expansion (FE) level of the pair’s moves between November 2022 and early January 2023, close to 1.2645. Meanwhile, GBPUSD sellers will need a clear downside break of the aforementioned SMA confluence, near 1.2070-65, for conviction. In that case, the 1.2000 psychological magnet and the monthly low of 1.1841 should lure the bears. If at all the Cable pair remains bearish past 1.1841, a downward trajectory towards the 50% and 61.8% Fibonacci retracement level of the quote’s November-December 2022 moves, near 1.1800 and 1.1645 respectively, can be expected. Overall, GBPUSD is likely to remain on the front foot unless the price stays beyond 1.2065 levels.
by MTradingGlobal
GBPUSD bears lurk behind 1.2000 to retake controlGBPUSD braces for the first weekly gain in four as 200-EMA and a two-week-old support line defends Cable buyers. However, multiple failures to cross a one-month-long horizontal hurdle keep the sellers hopeful of breaking the 1.2000 key support. Following that, not only the ball could drop on the bear’s court for the fourth consecutive weekly fall but the pair might also portray a quick slump to the mid-1.1700s. In a case where the quote remains weak past 1.1700s, the early November swing high surrounding 1.1550 and November 09 low near 1.1355 could gain the market’s attention. Alternatively, the aforementioned fortnight-long horizontal resistance area near 1.2130 restricts the short-term GBPUSD upside. Should the quote Cable pair crosses the nearby hurdles, the early-month peak of 1.2345 and the monthly high near 1.2445 will be on the bull’s radar while aiming for a positive end to the volatile 2022. Overall, GBPUSD is ready to return to the bear’s desk after a brief absence.
by MTradingGlobal
GBPUSD bears lurk behind 1.2080 key supportGBPUSD fades upside momentum after reversing from the 61.8% Fibonacci retracement level of January-September downside, despite the latest rebound. A pullback in the RSI and receding strength of the bullish MACD signals also backs the broad retreat in prices. However, a convergence of the 200-DMA and three-month-old ascending trend line, near 1.2080, challenges the pair sellers, a break of which could quickly drag the quote to 1.1760-40 support area comprising multiple levels marked since mid-July. It’s worth noting that the Cable pair’s failure to bounce off 1.1740, the early October swing high near 1.1500 could lure the bears. On the flip side, GBPUSD recovery could aim for the 61.8% Fibonacci retracement level, also known as the golden ratio, around 1.2440. That said, August month’s high of near 1.2295 and the 1.2300 round figure acts as the immediate resistance to probe the buyers. In a case where the Cable rises past the 1.2440 hurdle, an upward-sloping resistance line from late October, close to 1.2660, will be in focus. Also acting as the upside hurdle is May’s peak surrounding 1.2665. Hence, 1.2660-65 is the key block for the Cable buyers. Overall, GBPUSD is likely to recall bears and even if it doesn’t at the moment, the recovery remains elusive below 1.2665.
by MTradingGlobal
GBPUSD bulls run out of steam on BOE-inspired Super ThursdayBe it a one-month-old rising wedge or the overbought RSI conditions, GBPUSD shows it all to suggest that the bull’s reign is near to end. However, a sustained trading below the 1.2330 support, comprising the lower line of the aforementioned rising wedge bearish chart pattern, becomes necessary for the seller’s entry. Even so, the 200-DMA level surrounding 1.2100 could challenge the bears. Following that, a downward trajectory towards the 1.2000 psychological magnet and then to September’s peak surrounding 1.1740 can’t be ruled out. It’s worth noting that the rising wedge confirmation signals a theoretical target of around 1.1000. Meanwhile, the upper line of the stated wedge, close to 1.2550, could act as an immediate upside hurdle to watch during the Cable pair’s further advances. In a case where the GBPUSD bulls defy the bearish chart pattern by crossing the 1.2550 hurdle, the 78.6% Fibonacci retracement level of the pair’s south-run from late March to September, near 1.2675, could lure the buyers. It’s worth noting that the mid-March low close to the 1.3000 psychological magnet and late March swing high near 1.3300 will be in focus if the quote remains firmer past 1.2675. Overall, GBPUSD is up for further downside as the BOE looms. However, a surprise hawkish outcome could allow the bulls to have a few more happy days.
by MTradingGlobal
GBPUSD bulls run out of steam as 2022 is near to endGBPUSD posted the biggest monthly gains since mid-2020 in November. However, the latest bullish trajectory appears doubtful as the pair stays beneath a one-month-old previous support line. That said, the 50-SMA restricts the pair’s immediate downside near 1.1985. Following that, the 100-SMA level surrounding 1.1860 could act as the last defense of the pair buyers before directing bears towards the 50% Fibonacci retracement level of November 04-24 upside, near 1.1650. Meanwhile, the upside break of the stated support-turned-resistance line, around 1.2190. Although the RSI conditions may turn overbought and challenge further advances near 1.2190, a successful run-up won’t hesitate to aim for the August month’s high near 1.2295. It should be noted that the GBPUSD pair’s sustained trading beyond the 1.2300 round figure should give a free hand to bulls targeting the mid-2020 peak surrounding 1.2665, with 1.2405 likely acting as a buffer.
by MTradingGlobal
GBPUSD remains on the bull’s radarGBPUSD remains sidelined since the last Wednesday and retreats from its intraday high so far on Monday. Even so, a 13-day-old ascending trend channel defends the pair buyers. More immediately, a convergence of the 50-EMA and an upward-sloping trend line from early October, around 1.1760, restricts the quote’s nearby downside. Following that, the aforementioned channel’s lower line, close to 1.1720, will be crucial as a downside break of the same will direct bears towards the monthly low surrounding 1.1140. Alternatively, 1.1960 and the 1.2000 psychological magnet will precede the monthly peak surrounding 1.2030 to challenge the GBPUSD pair buyers during the quote’s fresh upside. Following that, the upper line of the previously mentioned channel, close to 1.2240, could restrict the pair’s further advances. In a case where the Cable pair rises past 1.2240, the August month high near 1.2295 will be in focus. Overall, GBPUSD stays on the bull’s radar despite the recently downbeat performance.
by MTradingGlobal
GBPUSD buyers are all set to confront the 1.2030 hurdleGBPUSD bulls approach the key resistance line, stretched from mid-June, ahead of the UK’s employment numbers. The cable pair’s upside momentum takes clues from its successful trading beyond the 100-DMA, as well as the bullish MACD signals. However, nearly overbought RSI conditions could restrict further advances near an aforementioned resistance line, around 1.2030 at the latest. Even if the quote manages to cross the 1.2030 upside barrier, the 78.6% Fibonacci retracement of the pair’s June-September downside and the 200-DMA could challenge the run-up respectively near 1.2170 and 1.2255. In a case where the quote remains firmer past 1.2255, the odds of witnessing a run-up toward the mid-2022 peak of 1.2666 can’t be ruled out. Alternatively, a daily closing below the 100-DMA level surrounding 1.1655 needs validation from the previous monthly top, close to 1.1645, to recall the GBPUSD bears. Even so, the 50% Fibonacci retracement level around 1.1500 appears strong support for the sellers to crack before eyeing a convergence of the monthly ascending trend line and 38.2% Fibonacci retracement, near the 1.1230-25 area. Should the pair remains bearish past 1.1230, the previous monthly low near 1.0920 will gain the market’s attention. Overall, GBPUSD buyers are likely to keep the reins but the upside room appears limited.
by MTradingGlobal
GBPUSD remains firmer as traders await UK GDPGBPUSD’s rally post-US inflation data enabled it to poke the 100-DMA for the first time since late February. The pair’s further upside, however, appears limited as bulls brace for the UK’s Q3 GDP amid fears of witnessing a clear sign of recession. That said, the 100-DMA hurdle of 1.1665 and the upper line of a five-week-old bullish channel’s resistance line, near 1.1750, could challenge the quote’s immediate advances. Following that, the 78.6% Fibonacci retracement level of August-September downside and the early August low, respectively near 1.1875 and 1.2000, could entertain the buyers. Meanwhile, pullback moves need a daily closing below the two-month-old resistance line, close to 1.1585 at the latest, to tease GBPUSD sellers. Even so, a convergence of the 50-DMA and 50% Fibonacci retracement level near 1.1330 will be a tough nut to crack for the bears. It’s worth observing that the previously stated bullish channel’s lower line, near 1.1210, appears the last defense of the buyers, a break of which won’t hesitate to challenge October’s low surrounding 1.0950. Overall, GBPUSD is on the bull’s radar ahead of the key UK GDP data. However, the quote’s further upside appears limited.
by MTradingGlobal
GBPUSD must defend 1.1360 level to keep bears away on BOE dayGBPUSD grinds lower so far during November, after posting the biggest monthly gains since July 2020. The intraday moves are slightly positive even if the bulls seem to run out of steam ahead of the Bank of England’s (BOE) monetary policy announcements on Thursday. That said, the buyers are safe unless the quote trades beyond the 1.1360 support confluence including the 50-DMA and a lower line of the monthly ascending triangle. Following that, a slump toward October’s low near 1.0920 can’t be ruled out. During the fall, the 1.1000 psychological magnet may offer an intermediate halt whereas 1.0830 and 1.0680 might entertain the bears afterward, before directing them to the all-time low marked in September near 1.0350. Meanwhile, recovery moves could initially aim for the stated triangle’s resistance line, close to 1.1700 at the latest, before challenging the descending resistance line from late May, around 1.1750 by the press time. In a case where the GBPUSD prices remain firmer past 1.1750, the odds of witnessing a run-up toward the 1.2000 psychological magnet can’t be ruled out. It’s worth noting that the 61.8% Fibonacci retracement level of the May-September downside and the late August swing high, respectively near 1.1775 and 1.1900, may act as buffers during the rise from 1.1750 to 1.2000. Overall, GBPUSD remains on a bullish trend and the BOE is also expected to try all the means to regain the market’s confidence. However, it's what they actually and how it is perceived that will determine the Cable pair’s further directions.
by MTradingGlobal
GBPUSD upside remains elusive below 1.1400The US dollar’s decline versus most currencies on Friday allowed GBPUSD to bounce off a three-week-old support line. The recovery, however, needs validation from a monthly resistance line, around 1.1400 by the press time. Following that, the monthly high around 1.1490 may act as an intermediate halt before directing bulls towards September’s top surrounding 1.1740. In a case where the quote rises past 1.1740, July’s low near 1.1760 appears the last defense of bears ahead of highlighting the 1.2000 psychological magnet for the buyers. Meanwhile, sellers remain confused unless the quote stays beyond an upward-sloping support line from September 29, close to 1.1060 by the press time. Should GBPUSD sellers manage to conquer the 1.1060 support, a south-run towards the monthly low, currently around 1.0925, can’t be ruled out. Furthermore, the quote’s weakness past 1.0925 could take halts near 1.0760 and 1.0630 before revisiting the record low flashed the last month, around 1.0355. Overall, GBPUSD pares the previous monthly losses but it isn’t out of the woods.
by MTradingGlobal
GBPUSD needs to cross and stay beyond 1.1500 to convince buyersGBPUSD seesaws around a monthly resistance line, after successfully crossing the 200-SMA, as buyers await the UK inflation data. In addition to the stated trend line hurdle surrounding 1.1330, the 78.6% Fibonacci retracement level of September 13-26 downside, near 1.1435 and the monthly peak of 1.1495 could challenge the quote’s further upside. It’s worth noting that the pair’s sustained run-up beyond the 78.6% Fibonacci retracement level will need validation from the 1.1500 round figure to give control to buyers. Following that, a rally towards crossing the previous monthly top around 1.1740 can’t be ruled out. Meanwhile, pullback moves are unimportant beyond the 200-SMA level surrounding 1.1280. In a case GBPUSD drops back below the key SMA support, an upward-sloping support line form stretched from September 28, close to 1.1110, will be important to watch. Additionally, a three-week-old horizontal area near 1.0930-20 appears a last defense of the Cable buyers, a break of which could quickly direct the quote towards the 23.6% Fibonacci retracement level of 1.0670 and the September 29 swing low around 1.0540 before highlighting the all-time bottom of 1.0345 flashed the last month. Overall, GBPUSD tries to convince buyers but the road to the north is a long and bumpy.
by MTradingGlobal
GBPUSD braces for further downside, 1.0930-20 eyed immediatelyGBPUSD holds onto the previous week’s downside break of the 50-SMA and a two-week-old support line, now resistance around 1.1160. Although the nearly oversold RSI suggests limited room towards the south, the bearish MACD signals keep the bears hopeful. That said, a horizontal area comprising the lows marked during late September, around 1.0930-20, lures intraday sellers. Following that, 1.0630 may offer an intermediate halt before directing the bears towards the record low printed in the last month around 1.0345. Alternatively, any recovery appears elusive unless the GBPUSD pair remains below 1.1160. Even if the cable pair crosses the 1.1160 hurdle the 61.8% Fibonacci retracement of late August-September downside, near 1.1320, will check the buyers. It should be noted that a downward-sloping resistance line from August 26, close to 1.1450 by the press time, seems the last defense of the bears, a break of which could trigger a short-term bullish trend. Overall, GBPUSD is on the way to the all-time low marked in the last month. However, the bears need validation from 1.0920 and the UK jobs report scheduled for publishing today.
by MTradingGlobal