Detailed FX Market Outlook and Analysis

GBP/USD Daily Analysis 07-SEP-2022

GBP/USD Daily Analysis

GBP/USD is staying in consolidation above 1.1442 temporary low and intraday bias remains neutral. The upside of recovery 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, a fall from 1.4248 (2018 high) is probably resuming a long-term downtrend 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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