Continuation of bearishness has moved FX towards 1.3200 price zone.
Overall volatility may rise from fundamental data release and from Bond market volatility.
GBP/USD 1-hour Chart Analysis
GBP/USD on the 1-hour timeframe remains locked in a steep descending channel defined by persistent lower highs and lower lows, having sold off sharply from the 1.3400 handle toward key horizontal support near 1.3180–1.3200. Price action is currently consolidating at 1.32282 just above its 24-period SMA (1.32204), while the RSI has rebounded from near-oversold levels back to 45.57, pointing to an initial pause in intraday selling momentum.
GBP/USD 1-hour Chart
GBP/USD Daily Chart analysis
On the daily timeframe, GBP/USD is in an aggressive corrective slide after failing to hold the 1.3600–1.3650 resistance zone in late August, plunging decisively below its downward-sloping 20-day SMA (1.34330). The pair is currently trading at 1.32227 and testing critical macro range support around the dashed green line at 1.3180–1.3200, which has repeatedly acted as a swing-low demand floor since April and June. With the daily RSI hovering right at the boundary of oversold territory at 30.27, downward momentum is heavily stretched, creating conditions for either a technical consolidation bounce back toward the 1.3400–1.3430 SMA resistance zone