FX.co - GBP/USD analysis for July 27, 2023 - Potential for the downside breakout

2023-07-27T06:24:57

Relevance until2023-07-28

Technical analysis:

GBP/USD analysis for July 27, 2023 - Potential for the downside breakout

GBP/USD has been trading upside in last few days and I see potential for the downside continuation of the 10 day trend.

Due to the lack of buyers and upside channel in play, I see potential for the further downside movement towards lower references.

Downside objectives are set at the price of 1.2880 and 1.2815

Stochastic oscillator is showing bearish divergences, which is good sign for the further downside movement.

Key resistance is set at the price of 1.3000

*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 27, 2023 - Potential for the downside breakout