Market Analysis – November 3
GBPUSD exhibits sustained downward momentum amid structural weakness signs. The overall technical outlook for GBPUSD indicates a clear bearish trajectory as price action continues to trade below the 9-day Simple Moving Average (SMA), which now serves as dynamic resistance around $1.32730. The recent MACD histogram crossover shows increasing downside momentum, reinforcing the prevailing selling bias. This convergence of indicators confirms a continued decline in bullish conviction, reflecting that market sentiment remains firmly aligned with bearish control.
GBPUSD Key Levels
Supply Levels: $1.3330, $1.3630, $1.3800
Demand Levels: $1.3050, $1.2710, $1.2100
GBPUSD Long-Term Trend: Bearish
The pair has recorded multiple Breaks of Structure (BOS) below key order blocks, confirming the dominance of supply zones and the weakening of prior bullish attempts. The rejection from the $1.36450–$1.38000 resistance range intensified downward momentum, driving price action toward lower liquidity regions. The consistent formation of lower highs and lower lows reinforces the validity of a firmly established bearish market structure.
GBPUSD is projected to maintain its descent toward the next support level at $1.30480, with the potential for an extended bearish move targeting $1.27140 if selling momentum persists. A decisive break below that region could expose deeper liquidity zones near $1.20990, while any retracement toward $1.32400 or $1.33240 is expected to encounter renewed selling interest. Overall, the broader sentiment remains bearish, and traders are closely monitoring potential confirmations aligned with forex signals that indicate sustained downside pressure in the medium term.
GBPUSD Short-Term Trend: Bullish
GBPUSD shows early signs of a short-term bullish correction as price forms a descending channel while holding above the $1.30480 support zone. The MACD histogram is beginning to flatten, suggesting weakening bearish momentum and the possibility of a brief upward retracement.
A breakout above the channel resistance and the 9-day SMA around $1.31420 could validate further recovery. If buying strength endures, price may climb toward the $1.33320–$1.33650 resistance area before renewed selling activity resumes.
Make money without lifting your fingers: Start using a world-class auto trading solution
How To Buy Lucky Block
Note: Learn2.trade is not a financial advisor. Do your research before investing your funds in any financial asset, product, or event. We are not responsible for your investment results.
