GBPUSD Forex Analysis for Today, Friday (27-10-2023)

Correction in GBPUSD, Bearish Trend Continues

Analysis of GBPUSD – The strengthening of the US dollar is impacting the movement of GBPUSD, where GBPUSD is once again heading down towards the support area of 1.20467 – 1.20315.

Today’s Trading Strategy:

There is an opportunity to SELL GBPUSD today as long as it does not break above the area of 1.21636 – 1.21812, with the potential to fall to the area of 1.20467 – 1.20315.

Alternatives:

A breakthrough of the resistance area at 1.21636 – 1.21812 has the potential to push GBPUSD up to the area of 1.22139 – 1.22338.

Resistance Levels:

R1 1.21812
R2 1.22338
R3 1.22916

Support Levels:

S1 1.20315
S2 1.19952
S3 1.19444