The GBP/USD: Pair Fresh Low And The Bearish Domination

The Pound (GBP) Will Probably Continue To Move Sideways

Technical Market Outlook:

The GBP/USD pair has made another fresh low at the level of 1.1442 (at the time of writing this analysis) and continues to approach the 3 years low located at 1.1410. This is the covid low made on March 2020 and 2020 low. The nearest horizontal technical resistance is seen at the level of 1.1622 and this level is the next target for bulls in a case of a local pull-back. The momentum remains weak and negative on the H4 time frame chart, so the larger time frame trend (daily and weekly) remains down until further notice. Please watch closely the market reaction for the level of 1.1410 breakout or bounce.

Exchange Rates 05.09.2022 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 08:00 2022-09-06 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 Pound (GBP) Will Probably Continue To Move Sideways

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