GBPUSD Selling Bias Holds Lower Under the 1.3000 Level As UK Nationwide Lockdown Goes Into Force

Updated:

GBPUSD Price Analysis – November 1

The GBPUSD pair posted a modest intraday advance in the prior session but selling bias holds lower under the 1.3000 level. Prime Minister Boris Johnson announced a UK nationwide lockdown on Saturday, also extending coronavirus wage subsidies. GBPUSD may trend lower at the weekly opening and lose the 1.2881 level.

Key Levels
Resistance Levels: 1.3356, 1.3190, 1.3007
Support Levels: 1.2881, 1.2675, 1.2252
GBPUSD Long term Trend: Ranging
GBPUSD started a deep fall after a pullback at 1.3177 resistance, causing the pair to dip below the 5 and 13 moving averages to retrace at 1.2881. From a technical point of view, the RSI is holding in negative territory. The continued decline could open the door to support at 1.2813.

In a broader context, attention remains at the key resistance level of 1.3482. A decisive breakout in this area should also occur with sustained trading above the horizontal resistance level, which is currently at 1.3356. This should confirm the mid- to long-term bottom at 1.1409. Nonetheless, a deviation at 1.3482 would maintain bearish sentiment for another decline below 1.1409 in a later cycle.
GBPUSD Short term Trend: Ranging
GBPUSD dropped to 1.2881 last week but recovered quickly. Initial bias remains neutral this week. On the other hand, a break of 1.2881 should turn intraday bias downward to retest the 1.2675 low as well as the 38.2% retracement from 1.1409 to 1.3482 at 1.2750 levels.

On the other hand, however, a break of 1.3190 will resume the rebound from 1.2675 to retest the 1.3482 high. In the 4 hours chart, the risk is shifting to the downside as the pair meets sellers near the bearish 5 and 13 moving average, which continues to fall below the uptrend line. The weekly low at 1.2881 is the closest support level.

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Azeez Mustapha

Azeez Mustapha is a trading professional, currency analyst, signals strategist, and funds manager with over ten years of experience within the financial field. As a blogger and finance author, he helps investors understand complex financial concepts, improve their investing skills, and learn how to manage their money.