GBP/USD - Review from 01.11.2024

Financial and commodity markets analytics


The substantial decline in the American stock market on Thursday led to the exhaustive loss by the key indices S&P500 and Nasdaq of all the growth achieved in October. The US dollar, in turn, received support. The GBP/USD pair implemented one of the scenarios we described yesterday, overcoming a local minimum and encountering new support in the range of 1.2800-1.2860. When planning transactions today, it is necessary to consider the completion of the trading week. However, all instruments tied to the US dollar may be volatile and create conditions for opening positions during the North American session, when the United States will be publishing data on the labor market and business activity indices. In case of overcoming the described range, the GBP/USD pair can still find support up to the marks around the level of 1.2700.