GBP/USD Daily Forex Analysis
In our daily Forex analysis, we maintain a positive intraday bias for the GBP/USD pair as the 1.2603 minor support level continues to hold. The resumption of the overall uptrend from 1.0355 is expected to be confirmed by a definitive break through the 1.2682 resistance. Further escalation should lead us past the 1.2763 Fibonacci level to the 61.8% projection of 1.1805 to 1.2682 from 1.2310, which is at 1.2852. Conversely, if the pair drops below the 1.2603 minor support, we would expect the intraday outlook to shift to neutral.
In our expanded daily analysis, as long as the 1.2310 support holds, we anticipate the climb from the 2022 low (a medium-term bottom at 1.0355) to extend. A sustained break of the 61.8% Fibonacci retracement of the 2021 high (1.4252) to 1.0355 at 1.2763 will strengthen the prospect of a long-term bullish trend reversal. However, a decisive break below 1.2310 could suggest a rejection at 1.2763 and pave the way for a deeper decline, potentially even a correction.
GBP/USD Daily Analysis Summary
GBP/USD Daily Forex Analysis suggests a continued upside bias with minor support at 1.2603. The overall uptrend is expected to resume with a break of 1.2682 resistance, possibly reaching the 1.2852 level. However, a drop below 1.2603 may trigger a neutral stance, while a break below 1.2310 could herald a deeper decline.
Key Points
- GBP/USD intraday analysis maintains a positive bias with minor support at 1.2603.
- A decisive break of 1.2682 resistance could confirm a resumption of the overall uptrend.
- A break below the 1.2310 support could suggest a potential rejection at 1.2763 and possibly a deeper decline.
