GBP faces negative pressure 29/10/2024

The British pound has struggled to maintain its position above the psychological resistance level of 1.3000, resulting in negative trading and a decline to its lowest level of 1.2940.

Technical Analysis:

• The outlook for the downtrend remains valid, given that the price continues to trade below 1.3000 and the 50-day simple moving average.
• We expect the downward movement to target 1.2930, and if the price dips below this level, it could extend losses towards initial targets of 1.2865.
• Should the pair manage to consolidate above 1.3000 and close an hourly candle above this level, it may indicate a potential upward trend, aiming for a retest of 1.3040.

Warnings:

• High-impact economic data from the US, such as Consumer Confidence, Job Openings, and Labor Turnover, is anticipated today, which could lead to significant price volatility during the news release.
• The overall risk level is high due to ongoing geopolitical tensions, making all scenarios possible.

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: 1.2930	R1: 1.2995
S2: 1.2900	R2: 1.3040
S3: 1.2870	R3: 1.3080