FundamentalOverviewThe USD performance hasbeen mixed in the past days but still on net negative despite the decreasingDecember rate cut odds. It looks like the stock market is what has been drivingall other markets.In fact, when the stockmarket had positive days, we’ve seen Treasury yields and the US dollar rising,but when stocks performed poorly, Treasury yields and the greenback gave backthe gains. The market might be thinking that a selloff in the stock market isgoing to weigh significantly on the economy, eventually requiring the Fed tocut more or more aggressively. The focus now is of courseon the Fed and the US labour market data ahead of the December FOMC meeting. Themarket pricing is now showing just a 42% chance of a cut in December, so thedata will have the final say. I don't think the SeptemberNFP tomorrow is going to matter much if it's soft given that it's old data(jobless claims will actually be more important for me), but a strong reportmight be taken as meaningful because the market could think that conditionswere already getting better in September before the two rate cuts. Therefore, I think theNovember NFP is going to have the final say, which will hopefully get releasedjust before the FOMC meeting in December (we won't get the November CPI intime). On the GBP side, the BoEheld the Bank Rate steady with a 5-4 vote split. In the press conference, BoEGovernor Bailey sounded like a December cut was conditional on a confirmationof the improvement in inflation. The latest UK employmentreport missed across the board and raised the probabilities for a December cutto 80%. Today, we got the UK CPI report and, although the data was mostly inline with expectations, the rate cut probabilities increased to 85%. The BoE will still get anotheremployment and inflation report, so they will have enough data to make a betterdecision. GBPUSDTechnical Analysis – Daily TimeframeOn the daily chart, we cansee that GBPUSD reached the 1.32 handle before pulling back a bit. We have amajor downward trendline defining the bearish structure. If the price ralliesinto the trendline, we can expect the sellers to lean on it with a defined riskabove it to position for a drop into the 1.2712 level. The buyers, on the otherhand, will want to see the price breaking higher to pile in for a rally intothe 1.34 handle next. GBPUSD TechnicalAnalysis – 4 hour TimeframeOn the 4 hour chart, we cansee that we have a strong support zone around the 1.31 handle where we gotseveral rejections in the past weeks. If the price gets there, we can expectthe buyers to step in with a defined risk below the support to position for arally into the major trendline targeting a breakout. The sellers, on the otherhand, will want to see the price breaking lower to increase the bearish betsinto new lows.GBPUSD TechnicalAnalysis – 1 hour TimeframeOn the 1 hour chart, there’snot much else we can add here as the buyers will look for longs around the support,while the sellers will look for shorts around the major trendline or on thebreak below the support. The red lines define the average daily range for today.Upcoming CatalystsToday we have the FOMC meeting minutes. Tomorrow, we get the September NFPreport and the US Jobless Claims data. On Friday, we have the UK Retail Sales data,and the UK and US Flash PMIs. This article was written by Giuseppe Dellamotta at investinglive.com.