The GBPUSD continued its slide in the US session, extending the losses that began earlier in European trading. The move lower has now carried the pair to retest the October 4 low at 1.32476, with today’s trough printing just below that mark at 1.32467. The brief dip under the prior low attracted some risk-focused dip buyers, prompting a modest rebound from the day’s extremes.
From a broader perspective, the pair has fallen from an early European high of 1.33687, underscoring the sustained downside momentum seen throughout the session. The key question now is whether buyers can establish a meaningful base at these support levels—or whether sellers will push through to fresh lows.
For the bullish side, holding above the 200-day moving average at 1.32346 is crucial. A sustained break below both that level and today’s low would open the door to additional selling momentum, likely drawing in further downside interest. On the other hand, if buyers can lift the pair back above last week’s low at 1.32872, that would offer the first sign that short-term downside pressure is easing and that a corrective recovery may be underway.
At this stage, the technical bias remains tilted toward sellers, but the next move hinges on how price reacts around this confluence of key support levels. The video above outlines these technical inflection points in greater detail.
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