FX.co ★ GBP/USD analysis for November 06, 2023 - Breakout of the symmetrical triangle in the background

Technical analysis:

GBP/USD has been trading upside in the background and I found breakout of the symmetrical triangle on the daily time-frame, which is good sign for the further rally..

Due to the strong demand and the breakout of the symmetrical triangle in the background, there is the chance for the further rally toward upside references.

Upside objectives are set at the price of 1.2455 and 1.2525

RSI oscillator is showing reading above 60 level, which is good sign that demand is in control and that we have bullish trend condition.

Support level is set at the price of 1.2330