Detailed FX Market Outlook and Analysis

Daily Forex Analysis GBP/USD – 20-June-2023

GBP/USD Daily Forex Analysis

GBP/USD Daily Forex Analysis

GBP/USD daily Forex Analysis remains impartial for consolidation beneath the temporary top of 1.2851, as our daily Forex analysis suggests. We expect the downside to being constrained above the support level at 1.2632, setting the stage for a resurgence in the currency pair’s value. A firm breach of 1.2851 will rekindle the broader upward trend, eyeing a next target at the 100% projection of 1.1805 to 1.2682 from 1.2310 at 1.3187.

Examining the larger landscape, the robust support from the 55-week exponential moving average (currently at 1.2349) signals a bullish sentiment in the medium term. As our daily analysis indicates, as long as the 1.2310 support remains unbroken, the outlook will continue to be bullish. The ascent from the medium-term low of 1.0355 (reached in 2022) is projected to push further to retest the key resistance level of 1.4252 (the high of 2021).

GBP/USD Daily Analysis Summary

To summarize, the GBP/USD intraday analysis forecasts a potential for value resurgence given support at 1.2632 holds. Any firm break beyond 1.2851 could renew the broader upward trend, targeting the 1.3187 mark.

Key Points

  • The intraday bias for GBP/USD remains neutral, consolidating below the temporary top of 1.2851.
  • A firm breach of 1.2851 could reignite the larger upward trend, with a next target at 1.3187.
  • As long as 1.2310 support holds, the medium-term outlook remains bullish, potentially retesting the key resistance of 1.4252.

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