Detailed FX Market Outlook and Analysis

GBP/USD Daily Analysis 06-SEP-2022

GBP/USD Daily Analysis

A temporary low was formed at 1.1442 and intraday bias is turned neutral first. Some consolidations would be seen but the upside should be limited by 1.1899 resistance to bring another decline. On the downside, the break of 1.1442 will resume a larger downtrend for 1.1409 long-term support. A firm break there will pave the way to a 61.8% projection of 1.3748 to 1.1759 from 1.2292 at 1.1063 next.

In the bigger picture, based on current momentum, fall from 1.4248 (2018 high) is probably resuming long term down trend from 2.1161 (2007 high). A sustained break of 1.1409 will target a 61.8% projection of 1.7190 (2014 high) to 1.1409 (2020 low) from 1.4248 (2021 high) at 1.0675. This will remain the favored case for now as long as the 1.2292 resistance holds.

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