22:02 UTC
Uptrend from October low, recovering after NFP dip · RSI 56 · price 1.34387
Higher lows from the Oct low, capped by a lower-high line from the Sept high.
GBPUSD has made higher lows since the mid-October low at 1.3137, with the next higher low at 1.3272 in late October. Last week the pair printed a Nov high at 1.3503 around the hawkish BoE hike, then rejected there on the US NFP beat. The drop to the NFP low at 1.3342 held between the 38.2% and 50% retracement of the Oct low–Nov high leg, and Monday reclaimed 1.3400 back above both EMAs. The Nov high still sits below the Sept high at 1.3568, so the lower-high line from that peak remains intact.
Support: 1.3342, 1.3272, 1.3137
Resistance: 1.3503, 1.3568
What it said to watch
- Daily close above the Nov high at 1.3503 breaks the lower-high line and opens the Sept high at 1.3568
- Daily close below the NFP low at 1.3342 exposes the higher low at 1.3272; a break there would put the Oct low back in play
- US October CPI (Tue 13:30 UTC) could materially shift this read
- UK Q3 GDP (Thu 07:00 UTC) is a second event risk inside the week