GBP/USD Daily Forex Analysis
In today’s Daily Forex Analysis, the GBP/USD pair remains an intriguing subject. The intraday bias holds a mild inclination to the upside, potentially retesting the 1.2851 high initially. A decisive breakthrough here could trigger a continuation of a broader upward trend originating from 1.0355, projected to reach a 61.8% milestone at 1.3099.
Conversely, the GBP/USD intraday analysis shows that a downside break of 1.2593 could trigger a further decline to encounter the 55 EMA, presently hovering around 1.2551.
From a larger perspective, in our daily analysis, the sturdy support from the 55 EMA, currently situated at 1.2345, signals a medium-term bullish inclination. The outlook will maintain its bullish tone as long as the 1.2310 support level holds firm. The upswing from the 1.0355 medium-term bottoms (the lowest point in 2022) is predicted to extend even further, aiming to retest the significant resistance of 1.4252 (the high of 2021).
GBP/USD Daily Analysis Summary
In summary, the GBP/USD pair’s outlook in our daily forex analysis remains slightly tilted to the upside, potentially revisiting the 1.2851 high. However, the pair could experience a downside shift with a break of 1.2593. Medium-term predictions remain bullish with the possibility of retesting the 1.4252 high.
Key Points
- The GBP/USD intraday analysis indicates a mild upside bias with potential retesting of the 1.2851 high.
- A downside break of 1.2593 could trigger a decline toward the 55 D EMA, currently at 1.2551.
- The medium-term outlook remains bullish, potentially retesting the significant resistance at 1.4252.
