GBP/USD Daily Forex Analysis
Our Daily Forex Analysis reveals that the GBP/USD pair continues its consolidation from the 1.2851 mark, indicating a neutral intraday bias. As long as the 1.2632 support level remains intact, we anticipate further upsurge. A robust break above 1.2851 will spur the broader upward trend, aiming for the next target at 1.3187, which represents a 100% projection of the move from 1.1805 to 1.2682 starting from 1.2310. However, a decisive breach below 1.2632 will shift the bias downward, potentially leading to a deeper decline toward the 1.2310 support.
Our Daily Analysis of the broader picture reveals a medium-term bullish sign, marked by strong support from the 55-week EMA (now standing at 1.2345). The outlook will retain its bullish stance as long as the support at 1.2310 remains unbroken. We predict the rally from the 2022 low of 1.0355 to extend further, eventually testing the key resistance of 1.4252 (high of 2021).
GBP/USD Daily Analysis Summary
Summing up, our GBP/USD Daily Forex Analysis indicates an extension of consolidation with a neutral intraday bias. The broader outlook remains bullish with strong EMA support, and the potential exists for further rise provided key support holds.
Key takeaways
- GBP/USD extends consolidation, and intraday bias remains neutral.
- A firm break of 1.2851 will spur a broader upward trend.
- Strong support from the 55-week EMA signifies a medium-term bullish outlook.
