Detailed FX Market Outlook and Analysis

GBP/USD Daily Analysis 24-OCT-2022

GBP/USD Daily Analysis

Range trading continues in GBP/USD and intraday bias stays neutral. Further rally is in favor as long as 1.0922 minor support holds. On the upside, the break of 1.1494 will resume the rise from 1.0351 to 61.8% projection of 1.0351 to 1.1494 from 1.0922 at 1.1628. On the downside, below 1.0922 will turn bias back to the downside for the 1.0351 low instead.

In the bigger picture, the fall from 1.4248 (2018 high) is resuming a long-term down trend 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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