GBP Tests Key Support Amidst Heavy Event Risk
The British Pound (GBP) is testing support levels at the yearly open and February low-day close, with major event risk on tap this week. This includes UK employment data and the latest CPI inflation report, which could influence expectations for the Bank of England ahead of its rate decision.
According to technical analysis, a break below the 200-day moving average would threaten a test of broader uptrend support, while a breach above weekly open resistance near 1.3527 would suggest a more significant near-term low is in place and mark resumption of the uptrend.
In contrast, the USD/CHF pair has broken above the September opening range highs, but faces critical resistance at 8200/15. A breach above this level would fuel the next major leg of the advance, while losses below initial support at 8152 would invalidate the August uptrend and suggest a larger correction is underway.
Bitcoin (BTC) is trading within the confines of a well-defined monthly opening range just below resistance at the Mary high-day close and the 200% extension of the July advance. A breakout above this level would clear the way for the next directional move, while losses below initial support with the 2025 low close at 76,159 would be bearish.