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GBP/USD analysis for October 02, 2023 - Potential for the further drop
04:42 2023-10-02 UTC--4

Technical analysis:

GBP/USD has been trading downside as I expected and I see potetnial for the further drop towards next downside reference.

Due to the strong downside cycle and negative reversal on RSI, I see potetnial for the further drop towards lower reference.

Downside objective is set at the price of 1.2110

RSI oscillator is showing fresh hidden bearish divergence, which is good sign for the further downside movement.

Key resistance is set at the price of 1.2265

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Foreign exchange is highly speculative and complex in nature, and may not be suitable for all investors. Forex trading may result in a substantial gain or loss. Therefore, it is not advisable to invest money you cannot afford to lose. Before using the services offered by ForexMart, please acknowledge the risks associated with forex trading. Seek independent financial advice if necessary. Please note that neither past performance nor forecasts are reliable indicators of future results.