Detailed FX Market Outlook and Analysis

GBP/USD Daily Analysis 08-NOV-2022

GBP/USD Daily Analysis

GBP/USD’s rebound from 1.1145 extends higher today but stays well below 1.1644 resistance. Intraday bias remains neutral first. On the upside, the break of 1.1644 will resume the whole rise from 1.0351 and target the 1.1759/2292 resistance zone. On the downside, the break of 1.1145 will reaffirm the case that the corrective rise from 1.0351 has been completed at 1.1644. A deeper fall would then be seen back to 1.0922 support and below.

In the bigger picture, the fall from 1.4248 (2018 high) is part of the long-term downtrend from 2.1161 (2007 high). Outlook will stay bearish as long as 1.1759 support turned resistance holds. Parity would be the next target on resumption. Nevertheless, a firm break of 1.1759 will confirm medium-term bottoming, and open up a stronger rise back to the 55-week EMA (now at 1.2357).

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