Detailed FX Market Outlook and Analysis

GBP/USD Daily Analysis 10-OCT-2022

GBP/USD Daily Analysis

GBP/USD rebounded further to 1.1494 last week but retreated. Initial bias remains neutral this week first. On the downside, the break of 1.1023 minor support will indicate that the rebound from 1.0351 is over. Intraday bias will be back on the downside for retesting 1.0351. On the upside, a firm break of 61.8% retracement of 1.2292 to 1.0351 at 1.1551 will pave the way to 1.2292 resistance.

In the bigger picture, the fall from 1.4248 (2018 high) is resuming a long-term downtrend from 2.1161 (2007 high). The next target is a 100% projection of 2.1161 to 1.3503 from 1.7190 at 0.9532. There is no scope for a medium-term rebound as long as 1.1759 support turned resistance holds.

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