FX.co ★ Technical analysis on GBPUSD for October 11, 2023.

Red lines - bearish channel

GBPUSD is trading around 1.2289 after rising for 6 straight days. As expected by our previous posts, price has started to bounce towards the upper channel boundary resistance at 1.2350. We warned traders on time that a bounce higher from 1.2070 was expected. The RSI has started to provide bullish divergence signals justifying a bounce in price. GBPUSD price is now approaching key short-term resistance. The RSI is far from overbought levels. At 1.2350 we could see a first rejection but it is important for bulls to break above the bearish channel, in order to hope for a bigger bounce.