FX.co - GBP/USD analysis for October 11, 2023 - Potential for the further rally

2023-10-11T08:46:43

Relevance until2023-10-12

Technical analysis:

GBP/USD analysis for October 11, 2023 - Potential for the further rally

GBP/USD has been trading in the upside trend in the past few days and I see potential for the upside continuation.

Due to the strong upside momentum in the background and the bullish trend in place, I see potential for the further rally towards upside references.

Upside objectives are set at the price of 1.2305 and 1.2350

RSI oscillator did showing bullish trend and reading above 50, which is good confirmation for the new upside trend.

Key support is set at the price of 1.2.265

*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 11, 2023 - Potential for the further rally