FX.co ★ Technical analysis on GBPUSD for October 13th, 2023.

Red lines- bearish channel

GBPUSD is trading around 1.2172. Yesterday price got rejected at the upper channel boundary resistance at 1.2330 area. Price remains inside the red downward sloping channel. Price is under pressure and as long as we trade inside the channel, GBPUSD is vulnerable to more downside. GBPUSD resistance is at yesterday's highs where we also find the upper channel boundary. GBPUSD is expected to make new lower lows as long as it trades below this level. This could be a good chance for GBPUSD to form a bullish divergence. Bears remain in control of the trend. No major reversal confirmed yet.