FX.co - GBP/USD analysis for July 24, 2023 - Potential end of the upside correction and start of new downside swing

2023-07-24T07:28:21

Relevance until2023-07-25

Technical analysis:

GBP/USD analysis for July 24, 2023 - Potential end of the upside correction and start of new downside swing

GBP/USD has been trading upside this morning but I see corrective phase in progress and potential for the further downside continuation.

Due to the strong downside pressure and lack for demand on the rally, I see potential for the further downside continuation.

Downisde objectives are set at the price of 1.2820 and 1.2770

Stochastic oscillator is showing overbought condition, which is sign for the potential downside rotation.

Resistance level is set at the price of 1.2900

*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 analysis for July 24, 2023 - Potential end of the upside correction and start of new downside swing