FX.co - GBP/USD analysis for October 25, 2023 - Potential for the intraday downside continuation

2023-10-25T12:24:26

Relevance until2023-10-26

Technical analysis:

GBP/USD analysis for October 25, 2023 - Potential for the intraday downside continuation

GBP/USD has been trading downside today and I see consolidation phase in play and potential for the breakout mode.

In case of the downside breakout of the support of the consolidation at 1.2114, I see potential for the further drop towards lower reference.

Downside objective is set at the price of 1.2090

RSI oscillator extreme condition around 30 level with no signs for the the reversal.

Resistance is set at the price of 1.2150

*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade

Analytical expert

Petar Jacimovic

FX.co ★ GBP/USD analysis for October 25, 2023 - Potential for the intraday downside continuation