GBP/USD Holds Steady Ahead of US JOLTS Job Openings

Daily outlook Neutral bias Nov 3, 2026, 06:34 UTC

Claire DuboisEuropean Markets Analyst · ForexR analyst

GBP/USD sits at 1.34132 in the Asia session, trading just above the daily pivot. Mixed signals across the technical timeframes prompt a neutral outlook ahead of scheduled US data releases.

Sterling Maintains Constructive Tone in Asia Session

Trading in the Asia session, with the market looking ahead to when London opens at 07:00 UTC, GBP/USD rests directly between the daily pivot at 1.34098 and R1 at 1.34415. The currency pair sits at 1.34132, reflecting a move up of 0.00092, or 0.07%, on the day. Price action has remained confined, covering a day range of 21.3 pips bounded by a day high at 1.34166 and a day low at 1.33953. This modest volatility represents 31% of the 14-period average true range, which currently measures 69 pips.

Yesterday's close settled at 1.3404, following a previous session that traded between a high of 1.34473 and a low of 1.33781. You can track these developing dynamics on the live GBP/USD rate and chart.

Technical Analysis: Moving Averages Disagree

The technical indicators present mixed signals, which commands a strictly neutral stance for the time being. On the daily chart, the underlying trend is categorized as mixed. The price remains positioned above the 200-period exponential moving average at 1.33996, the 50-period exponential moving average at 1.33551, and the 20-period exponential moving average at 1.33366. The 14-day relative strength index on the daily timeframe registers a reading of 57.8.

Zooming into the intraday charts reveals a different alignment. The 4-hour chart displays an upward trend, and the 1-hour chart also points up. Because the daily timeframe fundamentally conflicts with the signals generated on the 4-hour and 1-hour charts, the technical evidence does not support a firm directional bias today.

Key Support and Resistance Levels

The nearest support zone is defined by the daily pivot at 1.34098, resting a mere 3.4 pips below current price action. The nearest overhead resistance is R1 at 1.34415, located 28.3 pips above. Beyond these immediate barriers, psychological round levels rest below at 1.34 and above at 1.345.

Examining the broader historical context, the 5-day window spans from a high of 1.34473 down to a low of 1.32716. The 20-day window shares that exact same high at 1.34473, but extends significantly further down to a low of 1.3136. If market volatility increases, additional pivot structures map out the chart extremes. These include S1 at 1.33723, S2 at 1.33406, and S3 at 1.33031 on the downside, alongside R2 at 1.3479 and R3 at 1.35107 on the upside. A pivot point calculator helps evaluate these boundaries as the sessions unfold.

Bullish and Bearish Price Scenarios

A break above R1 at 1.34415 would open the way to R2 at 1.3479. A move back below the daily pivot at 1.34098 would invalidate that bullish view.

Alternatively, a break below S1 at 1.33723 would open the way to S2 at 1.33406. A move back above the daily pivot at 1.34098 would invalidate this bearish path. A risk and reward calculator assists in evaluating these potential outcomes.

Near-Term Horizon: US Macro Releases and Market Context

Today's economic calendar brings scheduled data releases from the United States. US Factory Orders fall due at 15:00 UTC, carrying an estimate of 1.2 against a previous reading of 0.1. Arriving at the exact same time is the US JOLTS Job Openings report, with market consensus pointing to 7.13 compared to the previous print of 7.079.

In the broader newsflow, coverage indicates that sterling retains a constructive tone above key support levels, as reported by FX Street. Meanwhile, the US dollar is pulling back alongside a sharp dive in global oil prices, according to FXEmpire. News volume registers at 158% of its 90-day average, and the opportunity read stands at 49, which is classified as bullish.

Looking at futures market positioning as of the week to October 27, large speculators were net short GBP/USD. During that specific reporting period, these speculators reduced net short GBP/USD by 1,006 contracts, bringing the aggregate net position to -79,414 contracts. Providing further context from the bond market on November 2, the 2-year US Treasury yield stood at 4.59%, up 3 basis points, while the 10-year yield settled at 4.91%, down 3 basis points.

Bottom Line

GBP/USD holds a steady position just above its daily pivot at 1.34098 during the Asia session. With conflicting trend indications across the daily and intraday charts, the technical setup remains neutral. The impending US JOLTS and Factory Orders data at 15:00 UTC provide the next scheduled fundamental tests for these boundaries.