GBP/USD Daily Forex Analysis
Our Daily Forex Analysis reveals a neutral intraday bias for the GBP/USD pair, persisting under the temporary peak of 1.3145. While some consolidation is expected, the downside should be restricted above the 1.2851 resistance-turned-support, paving the way for the resumption of an upward trend. Should the pair breach 1.3145 on the upside, this would revive the broader uptrend, setting a target of 1.3468, representing a 161.8% projection of 1.2310 to 1.2851 from 1.2593.
In terms of the larger picture highlighted in our Daily Analysis, the surge from 2022’s medium-term low of 1.0355 is underway. The next milestone to watch is 1.3899, equivalent to a 100% projection of the upward move from 1.0355 to 1.2449 measured from 1.1805. A break past this point would then shift focus to the key long-term resistance level of 1.4252, the 2021 high. As long as the 1.2682 resistance-turned-support stays intact, this bullish scenario remains the most plausible.
Summary
The GBP/USD pair displays a neutral intraday outlook, with some consolidation expected. However, as long as the downside stays above 1.2851, an upward trend is set to resume.
Key Points
- GBP/USD maintains a neutral intraday bias with some anticipated consolidation.
- The downside should be contained above 1.2851 resistance-turned-support, facilitating the resumption of an upward trend.
- The larger picture suggests an ongoing rise from the 2022 medium-term low, with potential targets at 1.3899 and 1.4252, assuming the 1.2682 support level holds.
