FundamentalOverviewThe USD performance thisweek has been negative despite the decreasing December rate cut odds. We’veseen also other markets behaving in a strange way, so it’s hard to pinpointwhat is really driving the markets at the moment.The focus now is of courseon the Fed and the US data ahead of the December FOMC meeting. The marketpricing is now showing a 50/50 chance of a cut in December, so the data willhave the final say. I don't think the SeptemberNFP expected to be released next week is going to matter much if it's softgiven that it's old data, but a strong report might be taken as meaningfulbecause the market could think that conditions were already getting better inSeptember 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 BoE held the Bank Rate steady with a 5-4 vote split as BoE’sBreeden joined the doves and voted to cut rates by 25 bps. The first reactionwas dovish as pretty much everything suggested that a rate cut in December was almosta sure thing. In the press conferencethough, BoE Governor Bailey sounded like a December cut was conditional on aconfirmation of the improvement in inflation. The latest employment report missedacross the board and raised the probabilities for a December cut to 80%. TheBoE will get another employment report, and two inflation reports before thenext meeting, so they will have enough data to make a better decision. The pound today has beenall over the place as we got reports that UK’s Chancellor Reeves is not goingto raise taxes in the Autumn Budget coming on November 26. GBPUSDTechnical Analysis – Daily TimeframeOn the daily chart, we cansee that GBPUSD reached the 1.32 handle before pulling back a bit. That’s wherewe can expect the sellers to step in with a defined risk above the majortrendline to position for a drop into new lows. The buyers, on the other hand,will want to see the price breaking higher to increase the bullish bets into the1.34 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 days. If the price gets there again, we canexpect the buyers to step in with a defined risk below the support to positionfor a rally into the major trendline targeting a breakout. The sellers, on theother hand, will want to see the price breaking lower to increase the bearishbets into 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. This article was written by Giuseppe Dellamotta at investinglive.com.