FX.co - GBP/USD analysis for October 26, 2023 - Key support cluster on the test

2023-10-26T06:57:42

Relevance until2023-10-27

Technical analysis:

GBP/USD analysis for October 26, 2023 - Key support cluster on the test

GBP/USD has been trading downside as I expected but the price is near the key support cluster at the 1.2050.

Due to the strong support and potential exhaustion condition on the downside, there is potential for the upside correction towards upside reference.

Upside objective is set at 1.2110

Key support is set at the price of 1.2050

In case of the downside breakout of the 1.2050, downside objective is set at 1.201

*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 26, 2023 - Key support cluster on the test