Approaching on Support & Rescue
GBPUSD On the 1 day time horizon, it's decision time for this pair as the price action continues to erode in the lower quadrant in the direction of it's support line at 1.2885, set previously in early July. A reversal could could happen at any time if there is a sudden bullish movement in other commonwealth pairs : AUDUSD, EURUSD, NZDUSD, or weakening continuation in both USDCAD & USDJPY. Could it be that the price action of these pairs may turn around the direction of GBPUSD next week ? I need to see it move back towards 1.3113 to start getting excited. We'll see.
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