GBP/USD Daily Forex Analysis
Our daily Forex analysis for the GBP/USD pair indicates a bias towards the upside for intraday trading. This is based on the current rebound from 1.2310 which aims to retest the high at 1.2682. Despite current momentum, upside potential could be capped at this point, potentially leading to another drop to expand the correction pattern originating from 1.2682. On the downside, should there be a breach of the 1.2489 support level, this would revert the bias back towards the downside, aiming for the 1.2310 support.
Observing the larger scenario in our daily analysis, as long as the support at 1.1805 holds, we anticipate the rise from 2022 medium-term low at 1.0355 to extend further. A sustained break of the 61.8% retracement of the 1.4252 (2021 high) to 1.0355 at 1.2763 will reinforce the case for a long-term bullish trend reversal. Conversely, a firm break of the 1.1805 support would suggest a rejection by the 1.2763 level, potentially triggering a deeper decline, even as a correction.
GBP/USD Daily Analysis Summary
The GBP/USD pair exhibits an intraday bias to the upside, with the 1.2682 high being a key level to retest. In a broader context, the case for a long-term bullish trend reversal could strengthen with a sustained break of 1.2763. However, a break of the 1.1805 support could point to a deeper decline.
- GBP/USD intraday analysis shows upside bias, with a retest of 1.2682 high likely.
- Long-term bullish trend reversal potential with a sustained break of 1.2763
- Downside risk with a break of 1.1805 support, triggering a deeper decline
