GBP/USD Shows Bearish Signs Below 1.3300

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Keys

  • GBP / USD has started a recent decline from the 1.3375 level.
  • It is trading below significant support at 1.3280 on the 4-hour chart.
  • EUR / USD could make another attempt to remove 1.1350.
  • The price of crude oil extended below $ 70.00.

GBP / USD Technical Analysis

The British pound failed to stay above 1.3350 against the US dollar. GBP / USD has started a recent decline below the 1.3300 support zone.

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Looking at the 4-hour, the pair was trading below the support levels of 1.3280 and 1.3250. In addition, there was a clear move below a bullish trend line at 1.3235. The pair was trading below 1.3200 and settled below the 100 simple moving average (red, 4-hours) and the 200 simple moving average (green, 4-hours).

The pair found support near 1.3175 and began consolidating losses. Immediate support is near the 1.3175 level. The next key support is 1.3150, below which the pair could plunge to the 1.3100 level.

A close below 1.3100 could open the doors for a move to 1.3000. On the upside, the first key resistance is near the 1.3280 level. The next key resistance is near the 1.3300 level. A successful daily close above 1.3300 could open the doors for a steady rise. The next stop for the bulls could be 1.3375.

Looking at EUR / USD, the pair found support near 1.1220, but it could face strong resistance near the 1.1350 zone.

Economic Editions

  • Canadian Retail Sales for October 2021 (MoM) – 1% forecast, versus -0.6% previous.
  • Canadian Retail Sales of Automobiles for October 2021 (MoM) – Forecast + 0.8%, versus -0.2% previously.

Source

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