Daily Forex Analysis – GBP/USD
Diving deep into the Daily Forex Analysis, the GBP/USD Intraday Analysis indicates a renewed bearish momentum, accentuated by the decline past the 1.2113 support. If the pair continues to trade below the 1.2079 Fibonacci threshold, it could intensify the bearish narrative. The descent that began at 1.3145 now appears to aim for the 1.1805 support level. A recovery would only gain credibility with a decisive surge past the 1.2274 resistance. Without such a move, even sporadic recoveries won’t detract from the prevailing bearish ambiance.
The retreat from the 1.3145 medium-term peak might merely be a recalibration of the bullish trajectory that had its origins at 1.0355, a significant low in 2022. Nevertheless, the tide could be shifting, bringing about a more profound trend reversal. A sustained break below the 38.2% retracement level at 1.2079 can potentially set the stage for a drop towards the 61.8% mark at 1.1421. In any bullish rebound scenarios, the critical level to watch remains the 55 Daily EMA, currently hovering at 1.2490.
Analysis Summary
The GBP/USD pair showcases a dominant bearish trend, aiming for the 1.1805 mark. While shorter-term recoveries are plausible, the overarching bearish sentiment remains robust, especially when juxtaposed against pivotal technical markers.
Key Points
- GBP/USD’s bearish stance solidifies further, targeting the 1.1805 support.
- Retreat from 1.3145 might be adjusting the ascent from the significant 2022 low at 1.0355.
- The 55 D EMA at 1.2490 remains a decisive factor for any bullish revival.
