Technical Analysis of GBP/USD for October 16, 2023
October 16, 2023 7:24 am
Technical Market Outlook:
The GBP/USD pair has been seen moving lower towards the technical support seen at 1.2105. The intraday technical support is located at the level of 1.2121 and the intraday technical resistance located at 1.2165 is being tested now. Please notice, that the mid-term outlook remains bearish due to the Bearish Cross of 50 and 100 DMA on the daily time frame chart. The next target for bears is seen at the level of1.2107 and 1.2036.
Weekly Pivot Points:
WR3 – 1.21913
WR2 – 1.21735
WR1 – 1.21667
Weekly Pivot – 1.21557
WS1 – 1.21489
WS2 – 1.21379
WS3 – 1.21201
Trading Outlook:
The bulls were rejected at the key technical resistance located at the level of 1.3163 and a breakout above this level is needed to extend the up trend towards the last Weekly swing high seen at 1.4248. The weekly time frame chart shows the Bearish Engulfing candlestick pattern was made during the breakout attempt above the 1.3163, so now the bears are in charge of the market. Any sustained breakout below the technical support seen at the level of 1.1802 would dramatically increase the chances of another leg down towards the level of 1.1494.
The material has been provided by InstaForex Company – www.instaforex.com
Technical Market Outlook:
The GBP/USD pair has been seen moving lower towards the technical support seen at 1.2105. The intraday technical support is located at the level of 1.2121 and the intraday technical resistance located at 1.2165 is being tested now. Please notice, that the mid-term outlook remains bearish due to the Bearish Cross of 50 and 100 DMA on the daily time frame chart. The next target for bears is seen at the level of1.2107 and 1.2036.
Weekly Pivot Points:
WR3 – 1.21913
WR2 – 1.21735
WR1 – 1.21667
Weekly Pivot – 1.21557
WS1 – 1.21489
WS2 – 1.21379
WS3 – 1.21201
Trading Outlook:
The bulls were rejected at the key technical resistance located at the level of 1.3163 and a breakout above this level is needed to extend the up trend towards the last Weekly swing high seen at 1.4248. The weekly time frame chart shows the Bearish Engulfing candlestick pattern was made during the breakout attempt above the 1.3163, so now the bears are in charge of the market. Any sustained breakout below the technical support seen at the level of 1.1802 would dramatically increase the chances of another leg down towards the level of 1.1494.
The material has been provided by InstaForex Company – www.instaforex.com
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