Forex: British Pound (GBP) To US Dollar (USD) - Technical Analysis - 29/08/22

The GBP/USD Pair Did Not Reach The Nearest Target Level Of 1.2259

Technical Market Outlook:

The GBP/USD pair has broken below the technical support located at 1.1717 (the recent monthly low) and made a new, fresh low at the level of 1.1651. The nearest horizontal technical resistance is seen at the level of 1.1717 and 1.1760 and this level is the next target for bulls in a case of a bounce. The momentum remains weak and negative, however, there is a bullish divergence seen on the H4 time frame chart between the price action (last low) and momentum. The larger time frame trend (daily and weekly) remains down until further notice.


Exchange Rates 29.08.2022 analysis


Weekly Pivot Points:

WR3 - 1.18043

WR2 - 1.17392

WR1 - 1.17002

Weekly Pivot - 1.16741

WS1 - 1.16351

WS2 - 1.16090

WS3 - 1.15439

Trading Outlook:

The Cable is way below 100 and 200 DMA , so the bearish domination is clear and there is no indication of down trend termination or reversal. The bulls has failed big time to continue the corrective cycle after a big Bearish Engulfing candlestick pattern was made on the weekly time frame chart last week. The next long term target for bears is seen at the level of 1.1410. Please remember: trend is your friend.

Relevance up to 09:00 2022-08-30 UTC+2 Company does not offer investment advice and the analysis performed does not guarantee results. The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.

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The GBP/USD Pair Did Not Reach The Nearest Target Level Of 1.2259

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