FX.co ★ GBP/USD analyssi for Novemeber 10, 2022 - Breakout of the overnight rising channel

Technical analysis:

GBP/USD has been trading downside this morning and I found breakout of the overnight rising channel, which is good sign for further downside movement.

Trading recommendation:

Due to the breakout of teh rising channel and overbought condition, I see potential for further drop towards downside reference points.

Watch for selling opportunities on the intraday rallies with the downside objectives at 1.1340 and 1.1300.

Stochastic oscillator is showing fresh downside break from the overbought reading.

Resistance is set at the price of 1.1430