GBP/USD back below 1.31
GBP/USD trades back below 1.31 after disappointing UK GDP figures. Ongoing stagnation brings headwinds for Chancellor Reeves ahead of the Budget next month. USD weakness keeps the pair supported.
After running into resistance at 1.3265, GBP/USD has fallen lower, taking out the 1.3140 July 2023 high and testing the 20 SMA around 1.31. The pair continues to trade in a rising channel, although momentum is waning.
Should support at 1.31 hold, buyers will look to extend gains towards 1.3140 and 1.3265, the 2024 high comes back into play.
However. a meaningful move below the 20 SMA, brings 1.30 into focus and a break below here negates the near-term uptrend, opening the door the 50 SMA and then 1.29 support.
After running into resistance at 1.3265, GBP/USD has fallen lower, taking out the 1.3140 July 2023 high and testing the 20 SMA around 1.31. The pair continues to trade in a rising channel, although momentum is waning.
Should support at 1.31 hold, buyers will look to extend gains towards 1.3140 and 1.3265, the 2024 high comes back into play.
However. a meaningful move below the 20 SMA, brings 1.30 into focus and a break below here negates the near-term uptrend, opening the door the 50 SMA and then 1.29 support.
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