Detailed FX Market Outlook and Analysis

GBP/USD Daily Analysis 03-OCT-2022

GBP/USD Daily Analysis

Intraday bias in GBP/USD remains on the upside as a rebound from 1.0351 is in progress. Further rally would be seen to 61.8% retracement of 1.2292 to 1.0351 at 1.1551. On the downside, the break of 1.0760 minor support will indicate that the rebound is over, and bring a retest of 1.0351 low.

In the bigger picture, the fall from 1.4248 (2018 high) is resuming a long-term downtrend from 2.1161 (2007 high). The next target is a 100% projection of 2.1161 to 1.3503 from 1.7190 at 0.9532. There is no scope for a medium-term rebound as long as 1.1759 support turned resistance holds.

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