Detailed FX Market Outlook and Analysis

GBP/USD Daily Analysis 1-NOV-2022

GBP/USD Daily Analysis

Intraday bias in GBP/USD remains neutral as consolidation from 1.1664 is extending. Further rise is expected as long as 1.1256 minor support holds. On the upside, the break of 1.1644 will resume a rise form 1.0351 to a 100% projection of 1.0351 to 1.1494 from 1.0922 at 1.2065. However, the break of 1.1256 will turn the bias back to the downside for 1.0922 support and below.

In the bigger picture, a 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 55 weeks EMA (now at 1.2392).

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