Cable is standing at the back foot on Wednesday, following previous day’s strong bearish close after repeated failure to clearly break into daily cloud.
Bearish signal was generated on double failure to sustain break above daily Tenkan-sen (1.3212) and subsequent weakness which eventually closed below cracked Fibo 61.8% of 1.3026/1.3337 upleg support.
UK Q3 GDP is in focus today, with annualized figure forecasted at 1.4%, below Q2 1.5%, while quarterly release are expected to stay unchanged at 0.3%.
Weaker than expected GDP numbers could bring pound under fresh pressure and risk bearish acceleration through 1.3100, towards key supports at 1.3026 (06 Oct low / psychological support).
Conversely, sterling may accelerate higher and probe again through the base of thickening daily cloud if GDP shows better than expected readings in the third quarter.

Res: 1.3138; 1.3152; 1.3198; 1.3214
Sup: 1.3100; 1.3087; 1.3052; 1.3026