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Technical analysis of GBP/USD 03/10/2023

The GBP/USD currency pair on (1D) is developing a downward correction. The pair broke through the support level 1.1950 (23.6% Fibo), (MA100), (MA200), after which the level 1.1950 became the current resistance level.

The technical picture suggests a continuation of the pair’s decline to the support level of 1.1640 (38.2% Fibo).

If the pair manages to consolidate below 1.1640, it will mean further decline to the level of 1.1400 (50% Fibo).

The signal to cancel the option of developing a downward correction will be the growth of quotes above the maximum of 1.2450.

Created by Joshua Hayn

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