GBP/USD Price Outlook – Trade Setup📊 Technical Structure
FPMARKETS:GBPUSD GBP/USD has bounced from the Support Zone at 1.3061–1.3029, after a sharp four-day decline. Price is now consolidating just above support around 1.3060, with the next Resistance Zone seen near 1.3147–1.3174.
As long as 1.3030 holds, the structure favours a corrective rebound back into the previous consolidation band. A decisive break above 1.3120 would open the way toward 1.3170+. Conversely, a clean close below 1.3030 would invalidate the bullish setup and expose the 1.2980–1.3000 region.
🎯 Trade Setup
Idea: Buy near support for a rebound toward the resistance zone.
Entry: 1.3039 – 1.3061
Stop Loss: 1.3032
Take Profit 1: 1.3147
Take Profit 2: 1.3174
Risk–Reward Ratio: ≈ 1 : 2.6
Bias remains cautiously bullish while price holds above 1.3030.
🌐 Macro Background
Cable is trading with mild gains around 1.3060, snapping a four-day losing streak as markets turn cautious ahead of the delayed US September NFP release.
FXStreet’s Lallalit Srijandorn notes that markets now see a BoE December rate cut as likely, after UK CPI slowed to 3.6% YoY in October, reinforcing expectations of policy easing and limiting medium-term upside for GBP. At the same time, the coming UK budget on 26 November could further shape BoE expectations.
On the US side, the labour-market picture remains blurred by the 43-day government shutdown, which delayed key economic data. Economists expect around 50k new jobs in September and unemployment at 4.3%. A weaker-than-expected NFP print could weigh on the USD and support GBP/USD, while a strong report would reinforce the Fed’s cautious stance and potentially cap the pair’s recovery.
FOMC minutes showed “strongly differing views” on the December decision: while most officials still support cuts in principle, many are open to keeping rates steady for the rest of the year, leaving the policy path highly data-dependent.
Overall, GBP faces headwinds from BoE cut pricing, but short-term, a softer USD on weak NFP could allow a technical rebound toward 1.3150–1.3170.
🔑 Key Technical Levels
Resistance: 1.3147 – 1.3174
Support: 1.3039 – 1.3061
Psychological Levels: 1.3000, 1.3100
📌 Trade Summary
GBP/USD is attempting to base above 1.3039 support after an extended selloff. The setup favours buying dips toward support, targeting a corrective move into the 1.3147–1.3174 resistance band, especially if the US NFP report disappoints and pressures the USD. A daily close below 1.3030 would negate this view and argue for a deeper slide toward 1.2980.
⚠️ Disclaimer
This analysis is for reference only and does not constitute trading advice. Trading involves significant risk, and proper risk management is essential.
