GBPUSD dives to 1.3060; What’s next?
GBPUSD is recovering part of yesterday’s losses, trading near 1.3060 ahead of next Wednesday’s UK budget announcement. Market sentiment remains cautious as uncertainty over fiscal measures weighs on the pound, while today’s release of US NFP could introduce additional volatility.
On the downside, a break below current levels would expose immediate support at 1.3010, the six-and-a-half-month low, followed by the 50.0% Fibonacci retracement of the 1.2100–1.3788 rally at 1.2940.
On the other hand, if the pair rebounds and clears 1.3080, attention will shift to the 38.2% Fibonacci level at 1.3140 and the 20-day SMA, with further upside capped near the 1.3210–1.3260 zone.
Technical indicators suggest a neutral-to-bearish bias, as the stochastic oscillator approaches the oversold region near 20 and the MACD remains below its zero line.
Summarizing, GBPUSD remains in a strong bearish tendency and only a decisive jump above 1.3370 may change the outlook to positive.
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