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GBPUSD Testing Weekly Chart Downchannel Resistance

The GBPUSD is trying to firm as part of a week long consolidation after forming a fresh October high. Significantly, the GBPUSD continues testing downchannel resistance (on the weekly chart) and the 38.2% Fib retrace of the June to September slide. Any weekly close above the weekly chart downchannel resistance will likely be followed in the week after by a retest of the September high. The odds of GBPUSD testing the 2021 high before year end is moderately low. The weekly, daily and 4hr RSI, Stochastics and MACD are bottomish, rallying or consolidating recent gains. I am looking to go long in the green zone (of the daily chart), targeting the red zone for Wednesday. The amber/yellow zone is where I might place a stop if I was a swing trader (although in my personal account with which I seldom hold overnight I sometimes set my stops tighter).

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