Forex Analysis & Reviews: GBP/USD reaches new high as expected, 1.12 as resistance
time 30.09.2022 03:48 PM
time Relevance up to, 01.10.2022 03:48 PM

The GBP/USD pair rallied in the short term as the Dollar Index is in a corrective phase. Yesterday, I've talked about this market and I said that an upside continuation is expected from above 1.0931, and the scenario took shape.

Today, the fundamentals moved the rate. As you already know, the UK data came in mixed. Current Account, Final GDP, Mortgage Approvals, and Net Lending to Individuals came in better than expected, the Revised Business Inventories came in line with expectations, while M4 Money Supply and Nationwide HPI came in worse than expected.

Earlier, the US Core PCE rose by 0.6% beating the 0.5% expected, Personal Income surged by 0.3% matching expectations, while Personal Spending registered a 0.4% growth versus the 0.4% growth expected. later, the Revised UoM Consumer Sentiment is seen as an important indicator and is expected to be reported at 59.5 points.

GBP/USD Upside Stopped!

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As you can see on the H4 chart, the rate jumped higher after closing above 1.0931 as expected. It has found strong resistance at the channel's upside line and now it has retreated.

It challenges the weekly pivot point of 1.1050. Support is seen also at the 1.0931 key level. Coming back to test and retest the near-term support levels may signal a new upside momentum.

GBP/USD Outlook!

A new higher high, a valid breakout above the channel's upside line and above the R1 (1.1260) could confirm a strong upside movement. This scenario represents a long opportunity.

Ralph Shedler,
Analytical expert of InstaForex
© 2007-2022
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