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GBPUSD Forecast and Daily Trade Signal 03-OCT-2022

Fxdatapanel03 Oct 2022Forex Forecast

GBPUSD Forecast and Daily Trade Signal 03-OCT-2022

GBPUSD upwards momentum is also failing with the US dollar on its way to a recovery move. Currently, the pair is trading at 1.1204 with immediate resistance levels at 1.1250 and 1.1347. The intraday support levels are at 1.1041 and 1.0929. Last Friday’s closing has formed a Doji pattern which is a further indication of exhausted bulls.

GBP/USD Technical Outlook

The stochastic has finally turned overbought while the Relative Strength Index (RSI) and Bollinger Bands (BB) are neutral. The MACD (Moving Average Convergence Divergence) is below the zero line, while the ATR (Average True Range) indicates low volatility. The GBPUSD pair is keeping below the 20, 50, and 100 periods moving averages.


Bollinger Bands




Over Bought (87)

Neutral (1.1181)

0.0200 (Volatility Down)

Below Zero (-0.0186)

41 (Neutral)

Combing more than one technical indicator adds more value to the analysis and increases the chances of winning trades.

Related Article: EURUSD Forecast and Daily Trade Signal

GBP/USD Support and Resistance levels – Short-term

S 1

S 2

S 3

R 1

R 2

R 3







Support and resistance are the most basic forms of technical analysis as these areas indicate potential price reversal. Traders analyze the support and resistance areas to determine the entry and exit levels.

Pivot Points

1 hour

4 hours









GBP/USD Trading Ranges

GBP/USD Daily Trading Range: 1.1086 – 1.1281
GBPUSD Weekly Trading Range: 1.1086 – 1.1281
GBPUSD Monthly Trading Range: 1.1086 – 1.1281
GBP/USD Yearly Trading Range: 1.0352 – 1.3749

GBP/USD Trading Idea – 3-OCT-2022

The upwards momentum is slowing down with Stochastic reaching the overbought zone. The intraday and 4-hourly price patterns have also turned bearish which makes the pair ideal for selling entries using the following levels.

Related Article: Gold (XAUUSD) Daily Forecast and Trading Idea

Signal Direction: Sell

Signal Timeframe: Daily


Entry: 1.1252

Stop-loss: 1.1452

Take Profit: 1.1052

GBP/USD Upcoming Levels to Monitor

The current price of the GBPUSD pair is near the stiff resistance area of 1.1200. Bulls need to breach above this level and preferably close above this level to regain their strength. On the downside, 1.150 is the benchmark support level on intraday bases and a close below this level will strengthen the bears.

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