Higher highs and higher lows since Wednesday; ranging above the 38.2% fib.
Cable has printed higher highs and higher lows since Wednesday's 1.3272 low. The Budget-driven rebound was extended by Thursday's NY-session breakout above 1.3340 and a push to a week high at 1.3434 in Friday's London session. A 60-pip reversal into the London-NY transition stalled at the 1.3374 Friday low, right on the 38.2% fib, and price has since ranged 1.3384–1.3406 under EMA(20) at 1.3391, opening the week with a small gap lower while RSI(14) cooled from overbought to ~48.
Support: 1.33737, 1.3353, 1.3300
Resistance: 1.3391, 1.34057, 1.34336
What it said to watch
H1 close back above the 1.3406 range top and EMA(20) would put the 1.3434 week high back in focus
Failure to hold the 1.3374 Friday low exposes the 50% fib at 1.3353 and the rising trendline near 1.3329
A break below the 1.3300 round number would end the week's higher-low sequence
US ISM Manufacturing (Mon 15:00 UTC) and BoE Super Thursday (Nov 5, 12:00 GMT) could materially shift this read
Higher highs and lows since Wednesday; pullback holding 38.2% retrace.
Cable climbed from Wednesday's 1.3272 low as Budget relief and BoE hike pricing lifted GBP. It broke the 1.3296–1.3338 range top in Thursday's NY session and pushed to a 1.3434 week high on Friday, with RSI(14) near 76. A sharp NY-hours reversal then found the friday low at 1.3374, right on the 38.2% retracement of the week's advance. Price is now pinned to EMA(20) near 1.3393 with RSI back at ~52, capped below the 1.3406 bounce high and holding above EMA(50) near 1.3371.
Support: 1.3374, 1.3360, 1.3338
Resistance: 1.3406, 1.3434
What it said to watch
H1 close below the 1.3374 friday low breaks the 38.2% hold and exposes the 1.3360 thu pullback low, then the 1.3338 range top near the 61.8% retracement
Close above the 1.3406 bounce high reopens the 1.3434 week high
US ISM Manufacturing Mon 15:00 UTC (f/c 54.7) could shift this read via yields
BoE decision Thu Nov 5 12:00 GMT, vote split vs 7-2 consensus, is the dominant risk for the week high and range top
Cable turned from Wednesday's London-open week low at 1.3272 as the UK Budget eased fiscal risk. It then broke higher off the Thursday base at 1.3301 during NY hours and extended to a 1.3434 week high on Friday as BoE hike pricing firmed. The NY open on Friday brought a 60-pip rejection that found demand at 1.3374, in line with the 38.2% fib and EMA(50) at 1.3371. Price closed the week flat on EMA(20) near 1.3393 beneath a 1.3406 lower high, with RSI(14) cooled to ~52 from ~75 at the high and the rising-lows line from Thursday being tested.
Support: 1.3372, 1.3301, 1.3272
Resistance: 1.3406, 1.3434
What it said to watch
BoE Super Thursday (Nov 5, 12:00 GMT): a vote split away from the 7-2 consensus could materially shift this read
Hourly close below the 38.2% fib at 1.3372 and EMA(50) breaks the rising-lows line and exposes the 1.3301 Thursday base
Failure to hold 1.3301 brings the 1.3272 week low back into view
Reclaim of the 1.3406 lower high reopens the 1.3434 week high
Monday's ISM Manufacturing (15:00 UTC, f/c 54.7) is the first USD-side test of this structure