FX.co ★ GBP/USD analysis for October 23, 2023 - Breakout of the supply trendline to the upside

Technical analysis:

GBP/USD has been trading upside this morning and I found breakout of the supply trend-line which is good sign for the further rally.

Due to the double bottom formation in the background and the breakout of the supply trend-line, I see potential for the further growth towards upside reference.

Upside objective i set at the price of 1.2215 (top of the bracketing market)

RSI oscillator is showing bullish trend condition, which is another good confirmation for the further rally.

Key support is set at the price of 1.2090