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Daily Forex Analysis – GBP/USD – 27-July-2023

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GBP/USD Daily Forex Analysis

For the GBP/USD pair, the Daily Forex Analysis highlights the immediate attention on the 1.2967 minor resistance level due to the continued rebound from 1.2800. A significant break above this level would signal the completion of the pullback from the 1.3145 high. With this, the Intraday Analysis reveals a bias back on the upside, potentially retesting the 1.3145 level. However, on the downside, a break below 1.2800 could potentially resume the decline from the 1.3145 high toward the 55 D EMA (currently at 1.2725) and potentially lower.

In a more comprehensive Daily Analysis, we maintain our outlook for the upward trend that began from the 2022 low of 1.0355, given the 1.2682 resistance-turned-support remains intact. The following target aligns with the 100% projection of the rise from 1.0355 to 1.2449 from 1.1805, aiming for 1.3899. However, a prolonged break beneath 1.2682 would suggest a correction phase within this rally, indicating the potential for a bearish reversal.

GBP/USD Daily Analysis Summary

Our Intraday Analysis for GBP/USD underscores the current focus on the 1.2967 resistance. A firm break above this could mark the completion of the current pullback, shifting the intraday bias back to the upside. A potential downturn could ensue if the 1.2800 level is breached, possibly resuming the fall from 1.3145.

Key Points:

  1. Immediate focus on 1.2967 resistance in GBP/USD Daily Forex Analysis.
  2. The upward trend from 1.0355 (2022 low) to continue as long as the 1.2682 support holds.
  3. A prolonged break below 1.2682 could indicate a potential bearish reversal.

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