GBPUSD: Drops Sharply After Breaking Key Support

[johnblockbuster]

Hello traders, what’s your view on

GBPUSD
?

The GBP/USD pair continues its bearish momentum in the first sessions of November, currently trading around the 1.314 zone after failing to hold the key 1.326 support — which has now turned into new resistance.

On the 4H technical chart, the descending trendline still acts as a dynamic resistance, blocking every recovery attempt from buyers. Meanwhile, both EMA 34 and EMA 89 remain sloping downward, confirming that the short-term bearish trend is still dominant.

From a fundamental perspective, the British Pound is under pressure from weak economic data and expectations that the Bank of England (BoE) may keep its tightening policy longer than anticipated. At the same time, the USD continues to find support and strengthen over recent days.

The preferred scenario suggests that price may perform a technical rebound back to the 1.3200 – 1.3235 zone (which aligns with the 0.5–0.618 Fibonacci retracement area) before continuing its downward move in line with the main trend. The next potential target lies near 1.3050 – 1.3000, where a temporary buying reaction could occur.

What do you think — will GBPUSD bounce from this bottom zone or keep sliding lower next week?

[EmTeam]

Classic breakdown setup — next target sitting near 1.22 area

[jacson4]

No surprise — strong USD pressure killing the cable again.