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FX.co ★ November 9, 2022 : GBP/USD Intraday technical analysis and significant key-levels.

November 9, 2022 : GBP/USD Intraday technical analysis and significant key-levels.

November 9, 2022 : GBP/USD Intraday technical analysis and significant key-levels.

Previously, the GBP/USD pair remained under bearish pressure to challenge the lower limit of the channel around 1.3000 which failed to hold prices above.

Shortly after, a new daily low was established around 1.2150 which was bypassed few days after.

However, considerable support zone existed around 1.1850-1.1900 which has prevented further bearish decline for sometime.

However, as bullish momentum started to fade away, more bearish visits were expected to challenge these historical low levels.

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Shortly after, Quick bearish decline was executed towards 1.1075 & 1.0860 where significant Fibonacci Expansion levels are located.

Based on the upcoming price action and the next weekly candlestick closure, the next target level for the GBP/USD pair can be determined.

There would be a high chance for further bullish continuation at least towards 1.1765 specially if the newly-established ascending bottoms around 1.1000 and 1.1150 remain defended by the bulls.

Otherwise, another bearish pullback towards 1.1000 should be expected for another BUY Entry with estimated targets around 1.1500.

*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade
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