#Weekly #Analysis of #GBPUSD, Monday, September 10, 2023
In the weekly chart of #GBPUSD, after forming a price peak at 1.3142, the currency pair has reversed #downwards and reached a 23% #Fibonacci correction. Therefore, the market structure appears #bearish or corrective.
In the current week's trading, if the #GBPUSD pair faces resistance at the 23.6% correction level and falls below the rate of 1.2460, it could first reach the $1.23 support level and then the 38.2% #Fibonacci correction.
So I suggests a bearish or corrective outlook for GBPUSD.
In the weekly chart of #GBPUSD, after forming a price peak at 1.3142, the currency pair has reversed #downwards and reached a 23% #Fibonacci correction. Therefore, the market structure appears #bearish or corrective.
In the current week's trading, if the #GBPUSD pair faces resistance at the 23.6% correction level and falls below the rate of 1.2460, it could first reach the $1.23 support level and then the 38.2% #Fibonacci correction.
So I suggests a bearish or corrective outlook for GBPUSD.