Detailed FX Market Outlook and Analysis

GBP/USD Daily Analysis 21-NOV-2022

GBP/USD Daily Analysis

GBP/USD is still extending the consolidation pattern from 1.2028 and intraday bias stays neutral. Further rise is expected as long as 1.1644 resistance turned support holds. On the upside, the break of 1.2028 will resume the whole rise from 1.0351 to a 100% projection of 1.0351 to 1.1494 from 1.1145 at 1.2288. However, a sustained break of 1.1644 will bring a deeper fall to 1.1145 support instead.

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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