GBPUSD: Consolidates With Downside Bias!!!
As long as 1.2895 resistance holds on a daily closing basis, the GBPUSD remains neutral with risk to the downside. Support comes at 1.2823 level, a cut below support opens 1.2740 level, further down, support comes at 1.2680 level.
On the upside, resistance comes at 1.2895 level. A daily closing above that level brings limited gains to 1.2957 level. A halt is very likely but a break will extend the corrective recovery to 1.3068 level, further upside resistance comes at 1.3122 level.
Conclusion: The GBPUSD sees downside threats below 1.2957 level with caution…
Support: 1.2823, 1.2740, 1.2680, 1.2600
Resistance: 1.2895, 1.2957, 1.3068, 1.3122
U.K Average Earnings Index +Bonus (Sep) rose 3.0%, from 2.8% a month earlier. This scenario advanced the GBPUSD to 1.2957 levels.