Oct 4, 2022
VOT Research Desk
Key Insights and Analysis
GBPUSD has continued to rise from its record low of 1.0325 over the past six days, gaining more than 10%
As the pair rises above the 20-day simple moving average (SMA), technical oscillators show a recent bullish bias. The MACD and RSI are both rising strongly, pointing to more bullish actions.
Any bullish attempts made prior to the 50-day SMA at 1.1660 may be challenged at the 1.1410 level. As a result, as the price approaches the 1.1750 resistance, which is close to the long-term descending trend line, a breakout at this point may draw additional attention.
On the other hand, a further decline would strengthen the longer-term case for a market that is in a downtrend and possibly initiate a new negative wave toward the all-time low of 1.0325.If you don’t keep going above this floor, you might fall further toward the psychological thresholds like 1.0300 and 1.0200.
Although the bias has shifted to somewhat optimistic in the very short term as a result of the upward movement, the longer-term perspective is still extremely bearish, and only a break above the downtrend line could alter this.
