Technical analysis GBPUSD for 03.10.2023

The Tenkan-sen line is located below the Kijun-sen line. Both lines are horizontal. Confirmatory line Chikou Span is below the price chart. In this case, the cloud is descending. Instrument is trading below the Tenkan-se and Kijun-sen lines. The closest resistance is the level 1.22580. The closest resistance is the level 1.19120

Key levels

• 1.27570, 1.25090, 1.22580, 1.19120, 1.16870

Trading scenario

• Recommended opening long positions (Buy Stop) from the level of 1.22580, with Take Profit of 1.25090 and Stop Loss of 1.20880

Alternative scenario

• Recommended opening short positions (Sell Stop) from the level of 1.19120, with Take Profit of 1.16870 and Stop Loss of 1.20880