Detailed FX Market Outlook and Analysis

GBP/USD Daily Analysis 13-OCT-2022

GBP/USD Daily Analysis

GBP/USD continues to lose downside momentum but further fall is still in favor with 1.1178 minor resistance intact. A fall from 1.1494 would target the 1.0351 low. However, the break of 1.1178 will turn the bias back to the upside for 1.1494 resistance instead.

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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