Detailed FX Market Outlook and Analysis

GBP/USD Daily analysis 19-July-2022

GBP/USD Daily Analysis

Intraday bias in GBP/USD remains neutral with a focus on 1.2055 minor resistance. A firm break there will confirm short-term bottoming at 1.1759. Bias will be turned back to the upside for 1.2405 resistance next. On the downside, below 1.1759 will resume a larger downtrend to a 100% projection of 1.2666 to 1.1932 from 1.2405 at 1.1671.

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 1.3065).

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