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02.10.2023 09:38 AM
Technical Analysis of GBP/USD for October 2, 2023

Technical Market Outlook:

The GBP/USD pair has been seen continuing a pull-back towards the technical resistance located at the level of 1.2410. So far the local high was made at the level of 1.2271. so the intraday technical support is seen at the level of 1.2175 and 1.2156. Only a strong and sustained breakout above this level would change the current situation to more bullish. Please notice, that despite the possible pull-back, the mid-term outlook remains bearish due to the Bearish Cross of 50 and 100 DMA on the daily time frame chart.

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Weekly Pivot Points:

WR3 - 1.22283

WR2 - 1.22075

WR1 - 1.21985

Weekly Pivot - 1.21867

WS1 - 1.21777

WS2 - 1.21659

WS3 - 1.21451

Trading Outlook:

The bulls were rejected at the key technical resistance located at the level of 1.3163 and a breakout above this level is needed to extend the up trend towards the last Weekly swing high seen at 1.4248. The weekly time frame chart shows the Bearish Engulfing candlestick pattern was made during the breakout attempt above the 1.3163, so now the bears are in charge of the market. Any sustained breakout below the technical support seen at the level of 1.1775 would dramatically increase the chances of another leg down towards the level of 1.1494.

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