GBP/USD Plunge Pauses at Support Ahead of BoEBritish Pound / U.S. DollarFOREXCOM:GBPUSDFOREXcomThe British Pound is showing signs of stabilizing after a six-day decline, with GBP/USD holding just above confluent multi-month downtrend support. While the broader bias remains tilted to the downside, the immediate focus is on a reaction from this zone for guidance into the November opening range. GBP/USD trading within the confines of a descending pitchfork extending off the October 6 high, with price responding to support today at 1.3000/45- a region defined by the 2024 July high, September low-day close & November high and the 2025 March swing / close highs. The immediate decline may be vulnerable while above this threshold near-term. Initial resistance is eyed at the October swing low at 1.3097 and is backed by near-term bearish invalidation at the 38.2% retracement of the yearly range and the November open at 1.3144/51. Ultimately, a breach / close above the July low-day close (LDC) at 1.3207 is needed to suggest a more significant low is in place / a larger reversal is underway. A break below this key pivot zone exposes subsequent support objectives at the 50% retracement at 1.2944, and the 1.618% extension of the September decline at 1.2876- look for a larger reaction there IF reached. Losses below this threshold could fuel another accelerated bout of declines with the next major technical consideration seen at the 2024 yearly open / 61.8% retracement at 1.2731/45. Bottom line: The British Pound is testing confluent support near the lower bounds of a multi-month downtrend- risk for some kickback here. From a trading standpoint rallies should be limited to the monthly open (1.3251) IF Sterling is heading lower on this stretch with a close below 1.30 needed to fuel the next leg of this decline. -MB