FX.co ★ GBP/USD analyssi for Novemeber 04, 2022 - Breakout of the overnight rising channel

Technical analysis:

GBP/USD has been trading upside during the Tokyo session but the upside movement was weak and I see potential for the downside continuation.

Trading recommendation:

Due to the breakout of the upside channel in the background and strong downside momentum, I see potential for further drop.

Watch for selling opportunities with the downside objective at 1.1155

Stochastic oscillator is showing downside reading, which is good sign for further downside movement.

Key resistance is set at the price of 1.1240