Daily Analysis For GBP/USD  28-10-2022

Daily Analysis For GBP/USD 28-10-2022

GBP/USD Analysis
GBP/USD
Economic Events and Scenario for GBP/USD
Economic Events : -
GMTEventCurrency
13:30-(United States) PCE Price Index YoYUSD
13:30-(United States) PCE Price Index MoMUSD
13:30-(United States) Personal Income MoMUSD
13:30-(United States) Personal Spending MoMUSD
13:30-(United States) Employment Cost Index QoQUSD
15:00-(United States) Pending Home Sales MoMUSD
15:00-(United States) Pending Home Sales YoYUSD
15:00-(United States) Michigan Consumer SentimentUSD

Today's Scenario : - The GBP/USD pair is attempting to retake 1.1600 as DXY suffers and the odds of the ultra-hawkish Fed are eroding. Consumer spending has slowed down, indicating that inflationary pressures have peaked. The new government in the UK is concentrated on reducing liquidity through fiscal policy.

Buy Scenario : - In order to challenge the monthly high of 1.1645, the recently broken support line, which is now resistance, defends the immediate rebound of the GBP/USD values around 1.1600. However, it should be noted that September's peak and trough, which were set in July and are located, respectively, around 1.1740 and 1.1760, will pose difficult obstacles for the pair's buyers over 1.1645, still we do not advise to buy EUR/USD currency pair.

Sell Scenario: - An upward-sloping support line from September 29 around 1.1140 will be critical to observe for potential bearish moves in the event that GBP/USD continues weak above 1.1230. Till then we do not advise selling EUR/USD.

Support and Resistance Level : -
SupportResistance
S1 1.0840-R1 1.1400
S2 1.0679-R2 1.1650
S3 1.0520-R3 1.1843

Discussion

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