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GBPUSD 29 Sep 2023

GBPUSD 29 Sep 2023 on the weekly timeframe. The pair is still continuing its bearish trend since touching R1 at 3 months ago. It occupies a price position of 1.22293 after last occupying a price position of 1.30901. Despite being above the kumo on the ichimoku indicator, the bearish trend still continues, this is reinforced by the position of the tenkan-sen which also fell below the kijun-sen. Similarly, the moving average on the stochastic indicator is now in the saturated zone. If the pair is able to reverse the trend due to oversold, then go-long could be an option for traders. Conversely, if there are no strong factors influencing the trend change then the bearish trend will continue and go-short is an option. Keep an eye on the market movements and trade with your own risk.

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