FX.co ★ Technical Analysis of GBP/USD for September 2, 2022

Technical Market Outlook:

The GBP/USD pair has made another fresh low at the level of 1.1498 and continues to move away from the trend line resistance. The nearest horizontal technical resistance is seen at the level of 1.1622 and this level is the next target for bulls in a case of a local pull-back. The next target for bears is located at the level of 1.1410 (2020 low). The momentum remains weak and negative on the H4 time frame chart, so the larger time frame trend (daily and weekly) remains down until further notice.

Weekly Pivot Points:

WR3 - 1.18043

WR2 - 1.17392

WR1 - 1.17002

Weekly Pivot - 1.16741

WS1 - 1.16351

WS2 - 1.16090

WS3 - 1.15439

Trading Outlook:

The Cable is way below 100 and 200 DMA , so the bearish domination is clear and there is no indication of down trend termination or reversal. 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 chart last week. The next long term target for bears is seen at the level of 1.1410. Please remember: trend is your friend.