As we noted in our Fundamental Analysis today, “strong bearish momentum continues to weigh on the pair.” During today's Asian trading session, it reached a new local and record low for the last more than 37 years, dropping to 1.0353.
It's too early to talk about purchases. Such a relatively safe opportunity may appear only after the price manages to gain a foothold in the zone above the important short-term resistance level of 1.1247. However, an earlier and more aggressive buy signal may appear after the breakdown of the short-term resistance level of 1.0951. Below these levels, it is better to stay on the side of the sellers.
In general, the downward dynamics of the GBP/USD remains, despite the current upward (and so far short-term) correction. Thus, for now, short positions remain preferable. Below the key resistance levels at 1.2225, 1.2435 GBP/USD remains in the long-term bear market zone.
*) For other important events of this week, see Key economic events of the week 26.09.2022 – 02.10.2022
Support levels: 1.0700, 1.0600, 1.0500, 1.0400, 1.0353
Resistance levels: 1.0735, 1.0951, 1.1247, 1.1585, 1.1691, 1.2225, 1.2435
see details -> https://www.instaforex.com/ru/forex_analysis/322678/?x=PKEZZ
signals -> https://www.mql5.com/en/signals/author/edayprofit
see also “Technical analysis and trading recommendations” -> https://t.me/fxrealtrading
