FX.co ★ Technical Analysis of GBP/USD for September 16, 2022

Technical Market Outlook:

The GBP/USD pair has been seen continuing the down move, albeit the volatility and dynamic of this down move is not that strong. The next target for bears is located at the level of 1.1410 again, which is the 7 years low for the GBP. The intraday technical resistance is located at the levels of 1.1480 and 1.1527. Please keep an eye on the long-term technical support level, because any violation of this level will have a very drastic consequences, like an accelerated sell-off towards the next technical support, which is more then 300 pips away.

Weekly Pivot Points:

WR3 - 1.16716

WR2 - 1.16430

WR1 - 1.16286

Weekly Pivot - 1.16144

WS1 - 1.16000

WS2 - 1.15858

WS3 - 1.15572

Trading Outlook:

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. The bears tested the level of 1.1410 (2020 swing low) and now the market is in the pull back mode. In order to terminate the down trend, bulls need to break above the level of 1.2275 (swing high from August 10th).