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09.09.202209:18 Forex Analysis & Reviews: Technical Analysis of GBP/USD for September 9, 2022

This information is provided to retail and professional clients as part of marketing communication. It does not contain and should not be construed as containing investment advice or investment recommendation or an offer or solicitation to engage in any transaction or strategy in financial instruments. Past performance is not a guarantee or prediction of future performance. Instant Trading EU Ltd. makes no representation and assumes no liability as to the accuracy or completeness of the information provided, or any loss arising from any investment based on analysis, forecast or other information provided by an employee of the Company or otherwise. Full disclaimer is available here.

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.

Sebastian Seliga
Analytical expert of InstaForex
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