The GBP/USD pair has recently seen a decline below the 1.3120 support zone, indicating a bearish trend. On the 4-hour chart, a bearish trend line with resistance at 1.3070 is forming. The EUR/USD pair has also experienced losses, falling below the 1.0920 support level.
Bitcoin, on the other hand, has seen a rally above the $63,500 and $64,000 levels, showing positive momentum in the cryptocurrency market.
Looking at the technical analysis for GBP/USD, the pair has dropped from the 1.3440 resistance level against the US Dollar. It has broken below the 1.3250 and 1.3120 support levels, entering a bearish zone. The pair is currently consolidating losses after testing the 1.3015 zone.
Immediate support for GBP/USD is seen near the 1.3020 level, with the next key support at 1.3000. Further losses could potentially lead the pair towards the 1.2880 level. On the upside, resistance is expected near the 1.3070 level, with a bearish trend line forming at the same level. A break above the 1.3120 level could signal a potential increase, with resistance levels at 1.3175 and 1.3220. Further gains might test the 1.3320 zone.
In terms of upcoming economic events, the UK Claimant Count Change for September 2024 is forecasted at 20.2K, compared to the previous figure of 23.7K. The UK ILO Unemployment Rate for August 2024 is expected to remain at 4.1%.
Overall, the GBP/USD pair is showing signs of a potential recovery, with key support and resistance levels to watch out for in the coming trading sessions.
