FX.co ★ Technical analysis on GBPUSD for October 17th, 2023.

Red lines- bearish channel

Green line -support trend line

GBPUSD is trading around 1.2150. Trend remains bearish as long as price stays inside the red downward sloping channel. Recently price got rejected at the upper channel boundary and so far has formed a higher low. The green support trend line connecting the recent lows is important short-term support. So we find support at 1.2130-1.2120. Bulls do not want to see price break below this area. Failure to respect this support level will lead to new lower lows below 1.20. Respecting the green trend line could lead to another test of the channel resistance at 1.2265. Bulls need to break above this in order to hope for a bigger move higher.