GBP holds below resistance 18/10/2024

The British pound saw a significant decline against the US dollar, nearing the first target at 1.2955, reaching a low of 1.2974.

Technical Outlook:
Today’s movements show attempts at an upward rebound due to support around 1.2975. However, the 50-day simple moving average is creating resistance, and trading remains stable below the 1.3030 resistance level. Given these factors, the outlook remains negative, with expectations of targeting 1.2990. A break below this level could extend losses towards 1.2950 and 1.2910.

If the pair consolidates above 1.3040 and closes an hourly candle, there may be an upward trend attempt, potentially retesting 1.3070 and 1.3110.

Warnings:

• The risk level is high due to geopolitical tensions, increasing the likelihood of market volatility and unexpected scenarios.

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: 1.2990	R1: 1.3040
S2: 1.2950	R2: 1.3070
S3: 1.2900	R3: 1.3110