Detailed FX Market Outlook and Analysis

GBP/USD Daily Analysis 29-NOV-2022

GBP/USD Daily Analysis

Intraday bias in GBP/USD remains neutral and further rally is expected with 1.1777 support intact. A break of 1.2152 will target a 100% projection of 1.0351 to 1.1494 from 1.1145 at 1.2288 first. A sustained break there will pave the way to 1.2759 medium-term Fibonacci level.

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. A sustained break there will pave the way back to 1.4248.

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