FX.co ★ GBP/USD analysis for October 18, 2023 - Key resistance on the test

Technical analysis:

GBP/USD has been trading sideways at the price of 1.2200 and I see the triangle pattern is in creation and that there is potential for the breakout or rejection of the resistance.

In case of the breakout of the resistance at the price of 1.2220, there is the chance for the upside movement towards the upside objective at 1.2265

In case of the rejection of the resistance at 1.2220,there is the chance for the downside rotation towards support at 1.2150-1.2130