GBPUSD is hovering near 1.3220, pressing against a critical support area at 1.3250 after a steady October decline. On the daily chart, momentum has weakened notably, with price staying below the 200-day moving average ,a sign that sellers remain in charge.
A decisive close below 1.3250 could expose 1.3140 and 1.3130, where a minor rebound might emerge. However, failure to recover above 1.3340–1.3500 keeps the short-term outlook tilted to the downside.
From a weekly perspective, the pair’s structure still respects a long-term ascending trendline from 2023, though current price action sits precariously close to it. If buyers fail to defend the 1.3120–1.3100 zone, the broader trend could shift back toward bearish continuation.
Key Levels:
Resistance: 1.3340, 1.3500, 1.3730
Support: 1.3250, 1.3140, 1.3120
My takeaway:
GBPUSD is at make-or-break territory, with downside pressure intensifying below 1.3250. Unless bulls reclaim 1.3340, momentum favors the bears in the near term.