The GBP/USD Pair: Next Currency Pair Is Keeping The Downward Trend

Analysis Of Cable Market (GBP/USD) By Laurie Bailey

Trend analysis (Fig. 1).

The pound-dollar pair may move downward from the level of 1.1516 (close of yesterday's daily candle) to the lower fractal 1.1432 (blue dotted line). When testing this level, an upward movement is possible to 1.1566, the 14.6% retracement level (blue dotted line). In the case of testing this level, the price may continue to move upward with the target of 1.1643, the 23.6% retracement level (blue dotted line).

Exchange Rates 07.09.2022 analysis

Fig. 1 (daily chart).

Comprehensive analysis:

General conclusion:

Today the price may move downward from the level of 1.1516 (close of yesterday's daily candle) to the lower fractal 1.1432 (blue dotted line). When testing this level, an upward movement is possible to 1.1566, the 14.6% retracement level (blue dotted line). In the case of testing this level, the price may continue to move upward with the target of 1.1643, the 23.6% retracement level (blue dotted line).

Alternative scenario: from the level of 1.1516 (close of yesterday's daily candle), the price may move downward to 1.1421, the historical support level (blue dotted line). In the case of testing this level, an upward movement is possible with the target of 1.1566, the 14.6% retracement level (blue dotted line).

 

 

 

Relevance up to 08:00 2022-09-08 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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Analysis Of Cable Market (GBP/USD) By Laurie Bailey

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