Technical analysis GBPUSD for 19.10.2023

The Tenkan-sen line is located below the Kijun-sen line. Blue is directed downward, while red remains 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 1.22350. The closest support is the level 1.20670

Key levels

• 1.26270, 1.24190, 1.22350, 1.20670, 1.19020

Trading scenario

• Recommended opening long positions (Buy Stop) from the level of 1.22350, with Take Profit of 1.24190 and Stop Loss of 1.21520

Alternative scenario

• Recommended opening short positions (Sell Stop) from the level of 1.20670, with Take Profit of 1.19020 and Stop Loss of 1.21520