GBPUSD keeps bearish consolidation towards 1.3320 on UK GDP day
GBPUSD posts a corrective pullback from the yearly low of around 1.3425 ahead of the UK data dump, comprising preliminary readings of the UK Q3 GDP. Even so, the cable pair needs a daily closing beyond September’s bottom of 1.3411, as well as the 50% Fibonacci retracement level near 1.3460, to convince short-term buyers. Even so, lows marked in July and 200-SMA, respectively around 1.3575 and 1.3845, become tough nuts to crack for the bulls.
Meanwhile, oversold RSI conditions may trigger corrective pullback on the way to the four-month-old support line near 1.3320. Following that, 61.8% Fibonacci retracement level and October 2020 peak, close to 1.3270 and 1.3175 in that order, will question the GBPUSD bears before directing them to the sub-1.3000 area. Overall, the sterling remains in the bearish trajectory but intermediate pullbacks can’t be ruled out.
Meanwhile, oversold RSI conditions may trigger corrective pullback on the way to the four-month-old support line near 1.3320. Following that, 61.8% Fibonacci retracement level and October 2020 peak, close to 1.3270 and 1.3175 in that order, will question the GBPUSD bears before directing them to the sub-1.3000 area. Overall, the sterling remains in the bearish trajectory but intermediate pullbacks can’t be ruled out.