GBP/USD Daily Forex Analysis
Intraday Analysis of GBP/USD portrays a neutral stance as it continues with its range trading pattern. A slide below the 1.2621 mark could signal that we’re steering towards a broader correction, possibly targeting the 1.2309 support. However, a confident surge past 1.2802 could suggest that recent retracements are over, paving the way for a more potent rally.
Expanding to the Daily Analysis, there are hints of a medium-term peak forming at 1.3144, supported by bearish discrepancies observed in the D MACD. Trading consistently beneath the 55 D EMA, now adjusted to 1.2729, would fortify this perspective, potentially driving prices down to a correction level of 1.2078 – this being the 38.2% retracement from the 1.0354 low in 2022 to 1.3144. Yet, as long as the 1.3144 resistance stands firm, any sharp rebounds could still lean slightly bearish.
GBP/USD Daily Analysis Summary
The GBP/USD pair’s intraday outlook remains neutral, oscillating within a defined range. There’s potential for a broader correction if the pair drifts below 1.2621. However, any surge beyond 1.2802 may signal a shift in momentum. The longer-term view hints at a possible medium-term peak at 1.3144.
Key Takeaways
- GBP/USD treads neutrally, watching for breaks below 1.2621 or above 1.2802.
- Potential medium-term peak observed at 1.3144.
- Consistent trading below 55 D EMA (1.2729) might lead to a deeper fall towards 1.2078.
