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Daily Forex Analysis – GBP/USD – 22-June-2023

Daily Forex analysis

GBP/USD Daily Forex Analysis

In the latest GBP/USD Daily Forex Analysis, we observe a phase of consolidation under 1.2851. The pair’s intraday bias remains neutral for now. As long as the 1.2632 support level holds, we anticipate a further rally. A robust break above 1.2851 would signal the resumption of the larger upward trend, setting the target at the 100% projection of 1.1805 to 1.2682 from 1.2310 at 1.3187. Nonetheless, if the 1.2632 level is decisively breached, it would shift the bias towards the downside, potentially triggering a deeper fall to the 1.2310 support level.

In our broader Daily Analysis, the sturdy support from the 55-week EMA, currently at 1.2349, signals a bullish trend in the medium term. The outlook remains bullish as long as the 1.2310 support persists. The rise from the 2022 low of 1.0355 is expected to prolong further, aiming to retest the key resistance at 1.4252, which was the high of 2021.

GBP/USD Daily Analysis Summary

In summary, the GBP/USD pair is in a consolidation phase, with an upside bias contingent on the 1.2632 support level. The larger outlook remains bullish, targeting the retest of the 1.4252 resistance, assuming the 1.2310 support remains intact.

Key Points:

  • GBP/USD is in a consolidation phase below 1.2851, with the potential for a further rally if the 1.2632 support holds.
  • A firm break of 1.2851 will resume the larger upward trend, targeting 1.3187 next.
  • If 1.2632 is decisively breached, it could trigger a deeper fall to 1.2310 support.

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