Technical Analysis: GBPUSD

GBPUSD fell to a three-week low

On Wednesday, as the USDX climbed and UK economic data was weak, GBPUSD was capped and fell to the lowest level since 5^th September.

UK PMI failed to meet expectations in September

UK Manufacturing PMI (September) fell from 47 to 46.2 Vs. 47.1 (forecast), and UK Services PMI (September) declined from 54.2 to 51.9 Vs. 53.5 (forecast), according to the data from the CIPS.

The USDX came close to the 98 mark

On Wednesday, the USDX continued rising. At one point, it came close to the 98 mark. It ended up 0.66% at 97.88.

The bearish market trend prevailed in the short term

the Chart of the Day

On the chart of the day, GBPUSD closed in negative territory yesterday. The bearish market trend prevailed in the short term. In terms of technical indicators, MACD went downwards after death cross occurred, showing that GBPUSD will fall further. Investors should focus on whether GBPUSD will break through the support at 1.339. It will fall with potential support at 1.333 if it breaks below the support at 1.339.

4-hour chart

On the 4-hour chart, GBPUSD was prone to fluctuation and declined. The bearish market trend prevailed. In terms of technical indicators, RSI went downwards after death cross occurred, showing that the market trend is bearish. Investors should focus on whether GBPUSD will break through the resistance at 1.349. It will fall if it rebounds but is capped at 1.349.

Key resistance: 1.349,1.354

Key support: 1.339,1.333

Generally speaking, the bearish market trend prevailed in the short term. Investors should focus on US economic data during the day.