Detailed FX Market Outlook and Analysis

GBP/USD Daily Analysis 02-June-2023

GBP/USD Daily Analysis

GBP/USD Update and Intraday Analysis

Our daily analysis currently positions the intraday bias in the GBP/USD pair leaning moderately towards the upside. The bounce back from the 1.2310 mark is set in motion, aiming for a retest of the 1.2682 high. A decisive breakthrough at this level would trigger the resumption of a broader uptrend from 1.0355, targeting the 1.2763 Fibonacci level. Conversely, should the pair break below the 1.2310 mark, we could expect a correction resuming towards the 1.1805 cluster support, equivalent to the 38.2% retracement of the rise from 1.0355 to 1.2682.

In a broader perspective, our GBP/USD daily update shows that as long as the 1.1805 support level holds, the rise from the medium-term bottom at 1.0355 (a low recorded in 2022) is anticipated to expand further. A sustained breach of the 61.8% retracement level of the decline from 1.4252 (high point in 2021) to 1.0355, situated at 1.2763, would corroborate the case for a long-term bullish trend reversal. However, it’s crucial to highlight in our intraday analysis a firm break below the 1.1805 level would suggest rejection at 1.2763, potentially triggering a deeper decline, even as a correction. Thus, the 1.1805 level remains a key pivot point in our GBP/USD intraday outlook.

GBP/USD Daily Analysis Summary

The GBP/USD pair shows a mild upward intraday bias, targeting a retest of 1.2682 high. However, breaching below 1.2310 may resume a correction towards 1.1805 support. Broader view suggests a potential bullish trend reversal at 1.2763.

  • GBP/USD intraday bias is mildly upwards, with 1.2682 as the target.
  • Break below 1.2310 could resume correction towards 1.1805 support.
  • Broader perspective suggests a potential long-term bullish reversal at 1.2763.

Latest Analysis