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23.09.202209:17 Forex Analysis & Reviews: Technical Analysis of GBP/USD for September 23, 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 made a new swing low at the level of 1.1187 as the down trend continues below the multi-year technical resistance located at 1.1410. The market participants await the UK PMI data scheduled for release today at 9:30 AM. The intraday technical resistance is located at the levels of 1.1351 and 1.1264. Please keep an eye on the market behavior during the news release as the volatility might be extremely high.

Exchange Rates 23.09.2022 analysis

Weekly Pivot Points:

WR3 - 1.15678

WR2 - 1.14810

WR1 - 1.14335

Weekly Pivot - 1.13942

WS1 - 1.13467

WS2 - 1.13074

WS3 - 1.12206

Trading Outlook:

The bears tested the level of 1.1410 (2020 swing low) not so long ago and now the market is in the pull back mode.The bearish pressure is still strong and the technical support might be violated. On the other hand, in order to terminate the down trend, bulls need to break above the level of 1.2275 (swing high from August 10th).

Sebastian Seliga
Analytical expert of InstaForex
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