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An overview of the status of the GBP/USD on 05/10/2023 – An overview of important support and resistance levels of the four major currency pairs of the ongoing week.

• First key support level of EUR/USD: 1.05016
• Second Key support level of EUR/USD: 1.04880
• Third Key support level of EUR/USD: 1.04516
• First key resistance level of EUR/USD: 1.05294
• Second Key resistance level of EUR/USD: 1.06
• Third Key resistance level of EUR/USD: 1.06340

• First key support level of USD/CHF: 0.913409
• Second Key support level of USD/CHF: 0.909091
• Third Key support level of USD/CHF: 0.9
• First key resistance level of USD/CHF: 0.9181
• Second Key resistance level of USD/CHF: 0.9202
• Third Key resistance level of USD/CHF: 0.923

• First key support level of GBP/USD: 1.21158
• Second Key support level of GBP/USD: 1.20973
• Third Key support level of GBP/USD: 1.20523
• First key resistance level of GBP/USD: 1.21771
• Second Key resistance level of GBP/USD: 1.22660
• Third Key resistance level of GBP/USD: 1.23000

• First key support level of USD/JPY: 148.252
• Second Key support level of USD/JPY: 148
• Third Key support level of USD/JPY: 147.466
• First key resistance level of USD/JPY: 148.764
• Second Key resistance level of USD/JPY: 149.122
• Third Key resistance level of USD/JPY: 150.109

 

An overview of the status of the GBP/USD on 05/10/2023

 

The GBP/USD pair has been in a strong downtrend since mid-July, with sellers reaching a low of 1.20379.

In the current situation, there is no clear and transparent reason for the price increase in the long-term intervals such as monthly. If the current support level is threatened and destroyed, the price will have the potential to fall further and reach the critical support levels of 1.2 and up to 1.18400. (Warning for buyers with medium-term transactions)

During the last two months, the price has been in a downward trend and is now oversold. This indicates a potential for a price correction in the next candles. (weekly time frame).

In shorter periods, such as daily, the price has stopped falling further by reaching the support line of the “descending channel pattern”, and with the formation of a stabilised price floor (in this price floor, the critical Morning Star candlestick pattern can be seen), the possibility of the end of the downward trend is issued.

Considering the potential to correct the downward trend in this currency pair, if the price floor of 1.20379 remains, buyers will try to control the market and reach the resistance level of 1.222 and then up to 1.23.

 

CloseOption Team

www.closeoption.com

 

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