17.10.202308:24 Forex Analysis & Reviews: Technical Analysis of GBP/USD for October 17, 2023

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Technical Market Outlook:

The GBP/USD pair has bounced from the level of 1.2121 and moved towards the 100 MA seen at 1.2198. The intraday technical support is still located at the level of 1.2121 and the intraday technical resistance is located at 1.2224. Please notice, that the mid-term outlook remains bearish due to the Bearish Cross of 50 and 100 DMA on the daily time frame chart. The next target for bears is seen at the level of1.2107 and 1.2036, but for now the bulls are trying to resume the up move and break higher towards the 50 MA and test the last swing high.

Weekly Pivot Points:

WR3 - 1.21913

WR2 - 1.21735

WR1 - 1.21667

Weekly Pivot - 1.21557

WS1 - 1.21489

WS2 - 1.21379

WS3 - 1.21201

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 1.1802 would dramatically increase the chances of another leg down towards the level of 1.1494.

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