Daily Forex Analysis – GBP/USD
In today’s Daily Forex Analysis, the GBP/USD intraday outlook suggests that bearish undertones persist for now. The ongoing decline, initiated from 1.3143, seems poised to reach a 100% projection target at 1.2278. Conversely, a decisive push above the immediate resistance at 1.2549 could signal a short-term bottom and pave the way for a more robust recovery.
Expanding the Daily Analysis to a broader scope, the current downtrend from 1.3143 seems corrective when viewed in the context of the more significant rise from 1.0353, which was the low for 2022. A further slide could potentially touch the 38.2% Fibonacci retracement level at 1.2077, where substantial support is anticipated. However, should this support level fail to hold, it would increase the likelihood of a broader bearish reversal.
Analysis Summary
Today’s GBP/USD Daily Forex Analysis suggests a bearish bias in the intraday timeframe, targeting a potential low at 1.2278. Meanwhile, strong support is anticipated at the 1.2077 level, which could serve as a pivot for the price direction.
Key Points
- GBP/USD targets 1.2278 in bearish intraday outlook.
- Strong support expected at 1.2077.
- A break above 1.2549 could signal short-term bottoming.
