FX.co ★ GBP/USD analysis for October 31, 2023 - Symmetrical triangle pattern in creation

Technical analysis:

GBP/USD has been trading sideways (symmetrical triangle pattern in creation) at the price of 1.2185 and there is potential for the breakout mode in the next period.

In case of the upside breakout fo the resistance at 1.2450, there is the chance for the rally towards the 1.2460

In case of the downside breakout of 1.2040, there si the chance for the further drop towards the 1.1810

RSI oscillator is showing neutral reading around 50 level, which is sign of indecison