Daily Forex Analysis – GBP/USD
In today’s Daily Forex Analysis, our focus is on the GBP/USD pair, where the Intraday Analysis indicates a prevailing bearish sentiment. The current decline, which began from 1.3143, is targeting a 100% projection level at 1.2278. Should this occur, it would signify an extension of the downward movement that started from the 2022 low of 1.0353. On the flip side, breaching the 1.2549 resistance level with conviction would signal the formation of a short-term bottom, potentially igniting a more robust rebound.
The descent from the medium-term peak of 1.3143 appears to be a corrective phase in the broader uptrend originating from 1.0353. A more significant dip could extend to the 38.2% Fibonacci retracement level at 1.2077. This zone is expected to offer substantial support, at least initially. Nevertheless, a prolonged break below 1.2077 would increase the likelihood of a reversal in the existing bullish trend.
Analysis Summary
In this GBP/USD Daily Forex Analysis, the intraday outlook remains tilted towards the downside, targeting 1.2278. However, a break above 1.2549 could signal a short-term bottom. The medium-term analysis suggests this is a corrective phase, with strong support anticipated at 1.2077.
Key Points
- Targeting 1.2278 in the ongoing downward move.
- A breach of 1.2549 signals potential short-term bottoming.
- Strong support expected at 1.2077.
