28.10.202209:26 Forex Analysis & Reviews: Technical Analysis of GBP/USD for October 28, 2022

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Technical Market Outlook:

The GBP/USD pair has hit the projected target level at 1.1625 (61% Fibonacci extension of the wave A) and is approaching the intraday technical support seen at 1.1496. The local high was even made at the level of 1.1644 before the Pin Bar candlestick pattern forced bulls to pull-back towards the technical support. The market is ready to extend the breakout towards the projected target level located at 1.1717 (supply zone) or higher. The intraday technical support is seen at 1.1496 and 1.1544. The momentum is strong and positive, which supports the short-term bullish outlook for GBP. Only a sudden and strong breakout below the 30 periods moving average would change the imminent outlook to bearish.

Weekly Pivot Points:

WR3 - 1.15209

WR2 - 1.14338

WR1 - 1.13938

Weekly Pivot - 1.13467

WS1 - 1.13067

WS2 - 1.12596

WS3 - 1.11725

Trading Outlook:

The bears are still in charge of Cable and the next long-term target for them is the parity level. The level of 1.0351 has not been tested since 1985, so the down trend is strong, however, the market is extremely oversold on longer time frames already. In order to terminate the down trend, bulls need to break above the level of 1.2275 (swing high from August 10th).

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