Detailed FX Market Outlook and Analysis

GBP/USD Daily Analysis 25-August-2022

GBP/USD Daily Analysis

Intraday bias in GBP/USD stays neutral and consolidation from 1.1716 is extending. The upside of recovery should be limited by 1.2002 support turned resistance to bring another fall. A break of 1.1716 will resume a larger downtrend to 1.1409 long-term support.

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 1.2292 resistance holds. The next target is 1.1409 low. However, a firm break of 1.2292 will bring a stronger rise back to 55 weeks EMA (now at 1.2859).

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