#GBPUSD @ 1.21173 sheds 0.12%, reversing from 1.2163 to 1.2112, as the Middle East conflict escalates.

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• GBP/USD sheds 0.12%, reversing from 1.2163 to 1.2112, as the Middle East conflict escalates.

The pair currently trades last at 1.21173.

The previous day high was 1.214 while the previous day low was 1.207. The daily 38.2% Fib levels comes at 1.2113, expected to provide support. Similarly, the daily 61.8% fib level is at 1.2097, expected to provide support.

GBP/USD registers minimal losses of 0.12% after hitting a daily high of 1.2163 on risk appetite, but news headlines showing an escalation of the Middle East conflict weighed on the major. Therefore, the pair reversed its course trades at 1.2112, as sellers eye a test of 1.2100.

Volatility is the game’s name, as shown by Gold prices climbing past $ 2,000 for the first time since May 16, 2023. News that Israel intensified its ground offensive in Gaza, destroying communications and Internet services in Palestina, according to Pallet, the Palestinian telecommunications company. Meanwhile, military Israeli authorities commented that they “have intensified attacks on Gaza. The Air Force is widely attacking subterranean targets and terror targets in a significant fashion.”

Reactions across the globe emerged, with the US urging Israel to stop a “full-scale” invasion, instead using a surgical approach using aircraft and special operation forces.

Aside from this, US economic data revealed earlier depicts inflation continues to ease, but it’s struggling to drop below the 3% threshold. The Fed’s preferred gauge for inflation, the Core PCE, ticked down from 3.8% to 3.7% YoY in September, while PCE was unchanged compared to August 3.4%.

Recently, the University of Michigan revealed that Consumer Sentiment slightly improved, but inflation expectations deteriorated. For a one-year period, Americans expect prices to rise by 4.2%, while for a five-year period, are expected to stay at 3%.

Next week, the UK economic docket will feature FS&P Global/CIPS PMIs alongside the Bank of England monetary policy decision. On the US front, the calendar would reveal the Conference Board Consumer Confidence, S&P Global and ISM Manufacturing PMIs, US Nonfarm Payrolls, and the US Federal Reserve monetary policy decision.

Technical Levels: Supports and Resistances

GBPUSD currently trading at 1.2118 at the time of writing. Pair opened at 1.2129 and is trading with a change of -0.09 % .

The pair remains strongly bearish on the daily time frame. It trades below the 20 SMA @ 1.2179, 50 SMA 1.2364, 100 SMA @ 1.2575 and 200 SMA @ 1.2441.

The previous day high was 1.214 while the previous day low was 1.207. The daily 38.2% Fib levels comes at 1.2113, expected to provide support. Similarly, the daily 61.8% fib level is at 1.2097, expected to provide support.

Note the levels of interest below:

• Pivot support is noted at 1.2086, 1.2043, 1.2016
• Pivot resistance is noted at 1.2156, 1.2183, 1.2226

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