22:02 UTC
Uptrend from mid-October low, momentum firm · RSI 69 · price 1.34781
Higher highs and higher lows since the 1.3137 October sweep low.
GBPUSD has printed a higher-high, higher-low chain since the 1.3137 low in mid-October. After a three-week base between 1.3180 and 1.3280, the October 28 higher low at 1.3272 held, and price has now closed above the 1.3419 oct high, the 1.3448 prior high and the 78.6% retracement of the Sep-Oct decline. The latest close of 1.3478 sits just under the 1.3500 psych level, with RSI near 69 approaching overbought and the move driven mostly by the midterm-led USD selloff rather than GBP-specific flows.
Support: 1.3448, 1.3419, 1.3272
Resistance: 1.3500, 1.3568
What it said to watch
- BoE decision Thu 12:00 GMT: a vote more dovish than 7-2 or cautious guidance could pull price back below the 1.3448 prior high
- US NFP Fri 13:30 UTC: a strong print could reverse the USD-led leg that carried price through the oct high at 1.3419
- A daily close above the 1.3500 psych level opens the path toward the 1.3568 sep high
- Loss of the rising trendline and the 1.3272 higher low would break the October uptrend structure
- RSI pushing above 70 into the 1.3500 psych level would put the pair in overbought territory