GBP continues to decline 31/10/2024

The GBP/USD technical outlook remains steady, with little change following the pair’s struggle to maintain levels above the 1.3000 resistance, leading it to dip to a low of 1.2940.

Technical Analysis:

• Downtrend Potential: With trading still below the 1.3000 psychological resistance and the 50-day SMA, there are ongoing prospects for a downtrend.
• Target Levels: A drop below 1.2900 could deepen losses toward 1.2865, considered the next key level.
• Upside Scenario: Conversely, should the pair consolidate above 1.3000 with a confirmed hourly close, this may trigger a brief upward trend to retest 1.3040.

Warnings:

• Upcoming US economic data (Core PCE Prices, Unemployment Benefits, and the Employment Cost Index) may drive high volatility.
• Risk is elevated due to geopolitical tensions, increasing the likelihood of unpredictable movements across markets.

Disclaimer: Trading in CFDs carries inherent risks. The analysis provided herein is not a recommendation to buy or sell, but rather an interpretation of the current price movement on the chart.

S1: 1.2910	R1: 1.3015
S2: 1.2870	R2: 1.3080
S3: 1.2805	R3: 1.3120