03.10.202314:18 Forex Analysis & Reviews: Technical analysis on GBPUSD for October 3rd, 2023.

This information is provided to retail and professional clients as part of marketing communication. It does not contain and should not be construed as containing investment advice or investment recommendation or an offer or solicitation to engage in any transaction or strategy in financial instruments. Past performance is not a guarantee or prediction of future performance. Instant Trading EU Ltd. makes no representation and assumes no liability as to the accuracy or completeness of the information provided, or any loss arising from any investment based on analysis, forecast or other information provided by an employee of the Company or otherwise. Full disclaimer is available here.

Red lines- bearish channel

Green lines- bullish RSI divergence

GBPUSD is trading around 1,2074. Short-term trend remains bearish as price continues making lower lows and lower highs. Price bounced briefly towards 1.2270, but bulls remain weak and price made a new lower low. The RSI however did not follow. The RSI formed a higher low. The bullish RSI divergence suggests that the downtrend is weakening. However this is not a reversal signal. Another bounce in GBPUSD is imminent this week. Downside potential is limited. Traders better look to take profits and cover their positions. Opening new short positions at current levels is very risky.

Back to the list

Open trading account

InstaForex analytical reviews will make you fully aware of market trends! Being an InstaForex client, you are provided with a large number of free services for efficient trading.