GBP USD Technical Analysis October 16, 2023
The GBP declined 0.34% against the USD on Friday and closed at 1.2136. Today in the European session, while the GBP USD Technical Analysis October 16, 2023, is prepared at 5:00 GMT, the GBP/USD is trading at 1.2160, which is 0.19% higher than the USD from yesterday’s close.
The pair is expected to find support at 1.2125 and a fall-through could take it to the next support level of 1.2110 The pair is expected to find its first resistance at 1.2200 and a rise-through could take it to the next resistance level of 1.2220. Today’s expected trading range is between 1.2040 support and 1.2270 resistance.
The expected trend for today is Bearish
Important support levels:
Support 1: 1. 2125
Support 2: 1. 2110
Support 3: 1. 2040
Important resistance levels:
Resistance 1: 1.2200
Resistance 2: 1.2220
Resistance 3: 1.2270
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