#GBPUSD @ 1.12980 remains steady but pound pulls back versus other rivals. (Pivot Orderbook analysis)

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• GBP/USD remains steady but pound pulls back versus other rivals.
• UK: Rishi Sunak will become UK Primer Minister.
• US S&P Global drops more than expected in October.

The pair currently trades last at 1.12980.

The previous day high was 1.1315 while the previous day low was 1.106. The daily 38.2% Fib levels comes at 1.1218, expected to provide support. Similarly, the daily 61.8% fib level is at 1.1158, expected to provide support.

The GBP/USD is hovering around 1.1300 since the beginning of the American session, unable to benefit from a modestly weaker US dollar. Economic data from the US came in below expectations while Sunak was confirmed as the next UK PM.

Cable peaked after the weekly opening at 1.1410 and then pulled back to as low as 1.1271. During the last hours is has been moving between 1.1340 and 1.1275.

Rishi Sunak will become UK Primer Minister after Penny Mordaunt dropped out of the Tory race on Monday. The transition from Liz Truss to Sunak could take place on Tuesday. The government announced that is up to Sunak to decide whether to announce a fiscal plan on October 31. Speaking to Tory MPs, Sunak said there will be no early election.

The confirmation of Sunak was no surprise for markets as it was already priced after Boris Johnson pulled out of the race on Sunday. After a spike higher at the beginning of the week, the pound has been pulling back. EUR/GBP is back above the level it closed on Friday, above 0.8735.

The US dollar lost momentum during the American session weakened by the US S&P Global PMI preliminary October report. The Manufacturing Index dropped more than expected to the lowest level in 28 months and below the 50 level. US yields remain higher for the day despite the economic report. The 10-year yield stands at 4.25% and the 2-year at 4.51%.

Technical Levels: Supports and Resistances

GBPUSD currently trading at 1.1315 at the time of writing. Pair opened at 1.13 and is trading with a change of 0.13 % .

The pair is trading above its 20 Daily moving average @ 1.115, below its 50 Daily moving average @ 1.1429 , below its 100 Daily moving average @ 1.1784 and below its 200 Daily moving average @ 1.2419

The previous day high was 1.1315 while the previous day low was 1.106. The daily 38.2% Fib levels comes at 1.1218, expected to provide support. Similarly, the daily 61.8% fib level is at 1.1158, expected to provide support.

Note the levels of interest below:

• Pivot support is noted at 1.1135, 1.097, 1.0881
• Pivot resistance is noted at 1.139, 1.148, 1.1645

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