No Indication Of Downtrend Termination Or Reversal On The GBP/USD Market

OANDA Senior Market Analyst Craig Erlam Talks Recent Important Market Events

Technical Market Outlook:

The GBP/USD pair has been seen continuing the bounce from the level of 1.1410 (7 years low) as the momentum is strong and positive on the H4 time frame chart. The US Dollar is in the pull-back mode, which helps the bulls to continue the up move. The nearest technical resistance is seen at the level of 1.1598 - 1.1622 and the nearest technical support is located at 1.1538. Nevertheless, the larger time frame trend (daily and weekly) remains down until further notice.

 

Exchange Rates 09.09.2022 analysis

 

Weekly Pivot Points:

WR3 - 1.15513

WR2 - 1.15077

WR1 - 1.14791

Weekly Pivot - 1.14641

WS1 - 1.14355

WS2 - 1.14205

WS3 - 1.13769

Trading Outlook:

The bearish domination is clear and there is no indication of down trend termination or reversal on the GBP/USD market. 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, so the downside move accelerated. The next long term target for bears is seen at the level of 1.1410 (2020 low). Please remember: trend is your friend.

 

Relevance up to 09:00 2022-09-10 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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OANDA Senior Market Analyst Craig Erlam Talks Recent Important Market Events

InstaForex Analysis

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