Detailed FX Market Outlook and Analysis

Daily Forex Analysis – GBP/USD – 23-June-2023

GBPUSD Daily Forex Analysis

GBP/USD Daily Forex Analysis

Our Daily Forex Analysis presents a neutral intraday bias for the GBP/USD pair at this point. If a secure break beyond 1.2851 takes place, it could reignite the larger upward trend, and the next target would be the 100% projection of the rise from 1.1805 to 1.2682, starting from 1.2310, at 1.3187. Conversely, a solid break below 1.2632 could shift the bias towards a deeper decline, aiming for the 1.2310 support level.

In the broader context of our Daily Analysis, the formidable support from the 55 W EMA, currently at 1.2349, signals medium-term bullishness. The outlook will remain optimistic as long as the support level of 1.2310 stands. The rise from the 2022 low of 1.0355 is anticipated to push further, with a potential retest of the significant resistance level of 1.4252, which was 2021 high.

GBP/USD Daily Analysis Summary

The GBP/USD pair exhibits a neutral intraday bias. A firm break above 1.2851 could spark a larger upward trend, while a break below 1.2632 could steer toward a steeper descent.

Key Points

  • GBP/USD intraday bias is neutral with a possibility of resuming the uptrend on a firm break above 1.2851.
  • A substantial break below 1.2632 could initiate a deeper fall towards 1.2310.
  • The medium-term outlook remains bullish with strong support from the 55 W EMA, expected to retest 1.4252 resistance.

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