Detailed FX Market Outlook and Analysis

GBP/USD Daily Analysis 09-August-2022

GBP/USD Daily Analysis

At this point, intraday bias in GBP/USD stays mildly on the downside. Rebound from 1.1759 should have been completed after hitting 55-day EMA. A deeper fall would be seen back to retest 1.1759 low. On the upside, the break of 1.2292 will resume the rebound towards 1.2405 resistance instead.

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 1.2925).

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