Detailed FX Market Outlook and Analysis

GBP/USD Daily Analysis 01-August-2022

GBP/USD Daily Analysis

Intraday bias in GBP/USD remains neutral for consolidation below 1.2244 temporary top. On the upside, the break of 1.2244 will resume the rebound from 1.1759 for 1.2405 resistance. Firm break there will target 1.2666 key resistance next. On the downside, the break of 1.2019 minor support will turn bias back to the downside for retesting the 1.1759 low instead.

In the bigger picture, fall from 1.4248 (2018 high) could be a leg inside the pattern from 1.1409 (2020 low), or resuming the longer term down trend. A deeper decline is expected as long as the 1.2666 resistance holds. The next target is 1.1409 low. However, a firm break of 1.2666 will bring a stronger rise back to 55 weeks EMA (now at 1.2957).

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