GBPUSD (1H) - intraday bearish bias
The cable is trading in range between 1.2780 and 1.3000 after the October rally. We expect the price to stay sideways near the 30-day moving average. This provides opportunities for range-bound trading for short-term participants. On the hourly chart, as the price failed to rally above the key resistance of 1.2970, that supply zone is likely to keep the pound muted. The immediate target would be 1.2890. Should the pair venture below that, we may see a bigger sell-off.
Key support: 1.2890
Key resistance: 1.2960
The cable is trading in range between 1.2780 and 1.3000 after the October rally. We expect the price to stay sideways near the 30-day moving average. This provides opportunities for range-bound trading for short-term participants. On the hourly chart, as the price failed to rally above the key resistance of 1.2970, that supply zone is likely to keep the pound muted. The immediate target would be 1.2890. Should the pair venture below that, we may see a bigger sell-off.
Key support: 1.2890
Key resistance: 1.2960
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.