FX.co - GBP/USD update for October 14, 2022 - Breakout of the trading range to the downside

2022-10-14T08:25:43

Relevance until2022-10-15

Technical analysis:

GBP/USD update for October 14, 2022 - Breakout of the trading range to the downside

GBP/USD has been trading downside today and there is the breakout of the trading range, which is good sign for further downside movement.

Trading recommendation:

Due to the breakout of the trading range to the downside, I see potential for further drop towards downside references.

Watch for the selling opportunities on the intraday rallies with the downside objectives at the price of 1.1162 and 1.1065.

Stochastic oscillator is showing fresh bear cross, which is good sign that sellers are in control.

Key resistance is set at the price of 1.1370

*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade

Analytical expert

Petar Jacimovic

FX.co ★ GBP/USD update for October 14, 2022 - Breakout of the trading range to the downside