FX.co ★ Technical Analysis of Daily Price Movement of GBP/USD Main Currency Pairs, Tuesday October 22, 2024.

Although on the daily chart the main currency pair GBP/USD looks to be strengthening, but with the flip of the Cable price movement which moved below the WMA (21) which also has a decreasing slope and is also confirmed by the appearance of deviations between the GBP/USD price movement which forms Higher-High while the Awesome Oscillator indicator on the contrary forms Higher-Low which also forms a Bearish Pitchfork channel, giving an indication that in the near future GBP/USD will potentially weaken, especially if 1.2973 can be successfully broken, then GBP/USD has the potential to weaken down to the level of 1.2683 and if the momentum and volatility support it, then 1.2445 will be the next target to be aimed for, but if on its way to the target levels there is a sudden correction to strengthen, especially if it successfully breaks and closes above the level of 1.3269, then all the weakening scenarios that have been described previously will become invalid and automatically canceled by themselves.

(Disclaimer)