Detailed FX Market Outlook and Analysis

GBP/USD Daily Analysis 17-NOV-2022

GBP/USD Daily Analysis

Intraday bias in GBP/USD is turned neutral with a temporary top formed at 1.2028, and more consolidations would be seen. The downside of retreat should be contained by 1.1597 minor support to bring another rally. On the upside, above 1.2028 will resume the rise from 1.0351 to a 100% projection of 1.0351 to 1.1494 from 1.1145 at 1.2288.

In the bigger picture, the rise from the 1.0351 medium-term bottoms is at least correcting the whole down trend from 1.4248 (2021 high). Further rise is expected as long as 1.1145 support holds. The next target is a 61.8% retracement of 1.4248 to 1.0351 at 1.2759.

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