#GBPUSD @ 1.21184 reached a three-day low of 1.2113, as sellers target 1.2100 for the next support.

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• GBP/USD reached a three-day low of 1.2113, as sellers target 1.2100 for the next support.

The pair currently trades last at 1.21184.

The previous day high was 1.2289 while the previous day low was 1.2154. The daily 38.2% Fib levels comes at 1.2205, expected to provide resistance. Similarly, the daily 61.8% fib level is at 1.2237, expected to provide resistance.

GBP/USD prolonged its losses for two consecutive days after the pair reached a two-week high of 1.2288 but failed to crack the 1.2300 mark. Fundamental news and geopolitical risks weighed on the Pound Sterling (GBP). At the time of writing, the pair trades at 1.2116, down 0.35%.

Risk aversion continues to drive the financial markets. Newswires revealed that Israeli Prime Minister Benjamin Netanyahu is preparing its army for a ground offensive, recommending civilians in Gaza to head south. He added he would not give details, and the time of the invasion would be reached by consensus.

Earlier in the New York session, US economic data continued to paint a solid economy in the country. The US Census Bureau revealed that New Home Sales were above August’s figures, with September sales rising 12.3%, compared to the former -8.2% plunge. On Tuesday, S&P Global revealed that business activity in manufacturing and services continues to expand despite 525 bps of tightening by the US Federal Reserve (Fed).

The Pound Sterling (GBP) remains on the backfoot after S&P Global reported that Manufacturing PMI remains in recessionary territory, while employment data indicates the labor market is easing. Growing speculations that the Bank of England (BoE) would keep rates unchanged at 5.25% at the upcoming November 2 meeting increased

Overall, the GBP/USD could extend its losses towards the 1.20 handle, as the economy docket in the United States (US) would feature Q3 Gross Domestic Product (GDP), Durable Good Orders, and unemployment claims. If US GDP comes above expectations, that could trigger further downside on the GBP/USD.

The GBP/USD remains downward biased, and it could accelerate its downtrend once it breaks below the October 19 low of 1.2089. A breach of the latter will expose October’s low of 1.2037 before the pair tests March 15 low of 1.2010. Conversely, if the major remains above 1.2100, that could keep buyers hopeful of reclaiming 1.2200.

Technical Levels: Supports and Resistances

GBPUSD currently trading at 1.2116 at the time of writing. Pair opened at 1.216 and is trading with a change of -0.36 % .

The pair remains strongly bearish on the daily time frame. It trades below the 20 SMA @ 1.2184, 50 SMA 1.2389, 100 SMA @ 1.2582 and 200 SMA @ 1.2443.

The previous day high was 1.2289 while the previous day low was 1.2154. The daily 38.2% Fib levels comes at 1.2205, expected to provide resistance. Similarly, the daily 61.8% fib level is at 1.2237, expected to provide resistance.

Note the levels of interest below:

• Pivot support is noted at 1.2113, 1.2065, 1.1977
• Pivot resistance is noted at 1.2248, 1.2336, 1.2384

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