As we pointed out in our Fundamental Analysis today, “strong bearish momentum continues to weigh on the pair.” During today’s Asian trading session, it hit a new local low and record for the past 37+ years, falling as low as 1.0353.
It’s too early to talk about shopping. This relatively safe opportunity can only appear after the price manages to settle in the area above the important short-term resistance level of 1.1247. However, an earlier and more aggressive buy signal may appear after the break of the short-term resistance level of 1.0951. Below these levels, it’s best to stay with the sellers.
Overall, GBP/USD’s bearish momentum remains, despite the current (and so far short-term) correction to the upside. So, for now, short positions remain preferable. Below key resistance levels at 1.2225, 1.2435 GBP/USD remains in the long-term bear market zone.
*) For other important events 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
signs -> https://www.mql5.com/en/signals/author/edayprofit
see also “Technical Analysis and Trading Recommendations” -> https://t.me/fxrealtrading
