Detailed FX Market Outlook and Analysis

GBP/USD Daily Analysis 01-July-2022

GBP/USD Daily Analysis

No change in GBP/USD’s outlook and intraday bias remains neutral. Further fall is in favor as long as 1.2331 minor resistance holds. A firm break of 1.1932 will resume a larger downtrend from 1.4248. On the upside, above 1.2331 will resume the rebound from 1.1932 to 1.2666 resistance. A firm break there will indicate medium-term bottoming.

In the bigger picture, a fall from 1.4248 (2018 high) could be a leg inside the pattern from 1.1409 (2020 low) or resuming the longer-term downtrend. 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 1.3140).

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