GBP/USD. Technical Analysis for the Week of September 29 – October 4

[Ben Graham]

Trend analysis.

This week, from the level of 1.3400 (close to the last weekly candle), the price may continue moving downward with the target at 1.3270 – the historical support level (light blue dotted line). When testing this level, the price may retrace upward with the target at 1.3332 – the lower fractal (weekly candle of August 31, 2025).

Fig. 1 (weekly chart).

Comprehensive analysis:

• Indicator analysis – down;
• Fibonacci levels – down;
• Volumes – down;
• Candlestick analysis – down;
• Trend analysis – down;
• Bollinger Bands – down;
• Monthly chart – down.

Overall outcome of the weekly candle calculation for GBP/USD: during the week, the price will most likely show a downward trend, with the first upper shadow on the weekly black candle (Monday – upward) and the second lower shadow (Friday – upward).

Alternative scenario: from the level of 1.3400 (close of the last weekly candle), the price may continue moving downward with the target at 1.3141 – the 38.2% pullback level (red dotted line). Upon reaching this level, an upward move is possible with the target at 1.3270 – the historical support level (light blue dotted line).

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