Market outlook of GBPUSD on Friday October 2023

Technical Analysis
GBPUSD have big potential to buy around 1.20930. This particular area have big resistance or rejection from the previous level higher time frame, it means lots of sellers took profit and buyers decided to involve in. Based on volume indicator the momentum for sellers is weakening





Fundamental Analysis

On October 19, 2023, the US dollar index (DXY) closed at 106.55, up 0.25% from the previous day's close of 106.25. The dollar was supported by hawkish comments from Federal Reserve officials, who indicated that the central bank would continue to raise interest rates in order to combat inflation.

The euro fell against the dollar on Thursday, trading at 1.0575, down 0.3% from the previous day's close of 1.0605.

 DISCLAIMER:The information on this analysis is based on research and experience, and it is not guaranteed to be accurate or complete