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Technical analysis of GBP/USD 11/16/2022

The GBP/USD currency pair on the (1D) chart shows an upward correction within a downtrend. The price found support at 1.0333 and is currently consolidating around 1.1900 (38.2% Fibo).

If the pair manages to consolidate above the level of 1.1900 (38.2% Fibo), technically it will mean the development of an upward correction with the target in the area of 1.2300 (50% Fibo), (MA200).

A signal to cancel the option to continue the upward correction will be a decrease in quotes below the low of 1.0333, which will indicate a continuation of the downtrend.

Created by Joshua Hayn

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