Detailed FX Market Outlook and Analysis

Daily Forex Analysis – GBP/USD – 25-July-2023

Forex Analysis

GBP/USD Daily Forex Analysis

Our Daily Forex Analysis indicates a neutral intraday bias in the GBP/USD currency pair as evidenced by the 4-hour MACD crossing above the signal line. Should the pair drop below 1.2800, the decline from 1.3145 could resume, targeting the 55-day EMA (currently at 1.2707) next. However, surpassing the minor resistance of 1.2967 would shift the bias back to the upside, potentially retesting the 1.3145 peak.

GBP/USD Daily Analysis Summary

On a broader scale, as per our Daily Analysis, as long as the 1.2682 support level, which was previously resistance, remains intact, the rise from the 2022 low of 1.0355 is anticipated to persist. The next objective is the 100% projection of 1.0355 to 1.2449 from 1.1805, which sits at 1.3899. However, a sustained breach of 1.2682 could imply that at least a correction of this rally is underway, carrying the risk of a bearish reversal.

Intraday Analysis of GBP/USD shows a neutral bias. A drop below 1.2800 might resume the decline towards the 55-day EMA (1.2707), while a break above 1.2967 could shift the bias back to the upside, retesting the 1.3145 peak.

GBP/USD Analysis Key Points

  • GBP/USD Intraday Outlook: Below 1.2800, the fall from 1.3145 could resume, but a break above 1.2967 may lead to a retest of the 1.3145 high.
  • As long as 1.2682 support holds, the rise from the 2022 low (1.0355) is likely to continue, targeting 1.3899.
  • A sustained breach of 1.2682 might indicate a correction or a potential bearish reversal.

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