Pound Faces Make-or-Break Week as Bitcoin Prepares for Breakout
The start of the week brings significant event risk for the British Pound (GBP/USD) and Swiss Franc (USD/CHF), as both currencies face critical technical levels in the coming days. The GBP/USD is testing confluent support at 1.3465/74, with a break below the 200-day moving average threatening a test of broader uptrend support.
The USD/CHF has broken above the September opening range highs but faces pivotal resistance at 8200/15, with a breach above this level needed to fuel the next major leg of the advance. In contrast, Bitcoin (BTC) is trading within a well-defined monthly opening range just below resistance at the Mary high-day close and the 200% extension of the July advance.
For GBP/USD, rallies should be limited to 1.3527 if price is heading for a break lower on this stretch with a close below the 200DMA needed to fuel the next leg of the decline. In contrast, Bitcoin's focus is on a breakout of its monthly range in the days ahead to clear the way for the next directional move.