FX.co ★ October 22, 2023 : GBP/USD Intraday technical analysis and significant key-levels.

The GBP/USD pair faced a strong resistance near 1.3200 and started a fresh downtrend.

It broke the 1.2800 support level on a H4 candlestick and extended its decline towards 1.2500, where it met a crucial Fibonacci retracement level.

This could be a good opportunity for intraday traders to go long, with a stop loss just below 1.2500.

However, the pair showed some indecision in a tight range before resuming its bearish trend.

The next target for the bears could be 1.2160, which acted as a key support level last week.

A break below this level could open the doors for more losses towards 1.1850.

Conversely, any bullish recovery towards 1.2520-1.2600 could be seen as another chance to sell.