GBP/USD Outlook (7 September 2022)
The GBPUSD continued its drop and is now at the 1.1400 support area. This price level was last tested in march 2020 and is a historic low.
if the price breaks below the support level, the next key support level could be at the -27.2% fib level, which is around the 1.13 price area and bottom of the downward channel. However, expect significant volatility and choppy price action if the GBPUSD breaks into this historic low price level.
Look for potential development of price action patterns to signal a rebound from the 1.14 support level. However, this could be highly unlikely.
if the price breaks below the support level, the next key support level could be at the -27.2% fib level, which is around the 1.13 price area and bottom of the downward channel. However, expect significant volatility and choppy price action if the GBPUSD breaks into this historic low price level.
Look for potential development of price action patterns to signal a rebound from the 1.14 support level. However, this could be highly unlikely.
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