GBP/USD trades south following Britain's gas crisis

Gregor Horvat Wavetraders

Powell testified before Congress and again noted that inflation went higher as expected which makes you think they may tapper soon, but then you have employment issues where the goal is still not met. So, we think that key will be again to observe the jobs numbers, but not this Friday Oct 1st. US NFP are on Oct 08. We have seen a sharp break down on GBP yesterday, a move that may try to stabilize today during the BOE Bailey speech. Technically cable is in a downtrend with room for more weakness while pair trades below 1.3655.

As per Elliott Wave analysis, Cable GBPUSD is trading south, breaking some important supports following panic on gas stations in UK where drivers are rushing to gas stations to full up the fuel.

Pair is coming below 1.3570 support on the 4h chart, so looks like alternate count is in play now: a complex and deeper wave IV with sub wave C coming out of a triangle. Support is at 1.3470 followed by 1.3350.

GBP/USD 4h Elliott Wave analysis

Check more of our analysis for currencies and cryptos in members-only area. Visit EW-Forecast for details!

Author

Gregor Horvat

Wavetraders

Experience Grega is based in Slovenia and has been in the Forex market since 2003.

AUD/USD turns south toward 0.6900 as USD firms up

AUD/USD sees fresh selling and drops toward 0.6900 in late Asian trading on Monday, as renewed US Dollar strength weighs on the pair amid lingering Middle East and Russia-Ukraine geopolitical tensions. Focus remains on Oil prices, Treasury bond yields, and RBA expectations for fresh trading impetus in the major.

USD/JPY retakes 158.00 amid hawkish BoJ bets, firmer USD

USD/JPY erases losses and retakes 158.00 in the Asian session on Monday, trading within a one-week-old range. Geopolitical uncertainty continues to underpin the US Dollar, despite fading Fed rate hike hopes, supporting the pair's rebound. However, further upside could be capped by hawkish BoJ expectations and looming intervention risks that could support the Japanese Yen.

Gold languishes below $4,200 amid high US yields

Gold trims some losses on Monday, but remains trapped within previous ranges, with upside attempts limited below $4,200 and with two-month lows of $4,110 at a short distance. The recent pullback on the US Dollar Index has provided some support for precious metals although the high US Treasury yields are keeping a floor on US Dollar dips so far.

Pi Network risks a steeper decline as bearish momentum builds

Pi Network extends losses below $0.090 maintaining a steady decline for the fifth consecutive day. The retail demand remains firm, with the notional value of active perpeutals holding above $10 million. The technical outlook for PI remains bearish as bearish momentum mounts.

ISM Services PMI expected to show robust US economy in September

The US ISM Services PMI is expected to improve marginally in September. The US services sector is expected to remain well into expansionary territory. Bets of further Fed tightening appear to have lost traction in the last few days.

The Euro is near a one-year low: Inflation could trigger its rebound, not its fall

EUR/USD has fallen to its lowest level since May 2025. The pair hit 1.1312 on Wednesday and trades well below the January peak of 1.2082. The decline reflects a powerful combination of US Dollar strength, geopolitical uncertainty and renewed concerns about Europe's exposure to higher energy prices.