FX.co - GBP/USD analysis for October 02, 2023 - Potential for the further drop

2023-10-02T08:42:28

Relevance until2023-10-03

Technical analysis:

GBP/USD analysis for October 02, 2023 - Potential for the further drop

GBP/USD has been trading downside as I expected and I see potetnial for the further drop towards next downside reference.

Due to the strong downside cycle and negative reversal on RSI, I see potetnial for the further drop towards lower reference.

Downside objective is set at the price of 1.2110

RSI oscillator is showing fresh hidden bearish divergence, which is good sign for the further downside movement.

Key resistance is set at the price of 1.2265

*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 October 02, 2023 - Potential for the further drop