Detailed FX Market Outlook and Analysis

GBP/USD Daily Analysis 02-MAR-2023

GBP/USD Daily Analysis

The range trading in GBP/USD continues, leaving the intraday bias neutral. A break of the 1.1914 level would signal a continuation of the decline from 1.2446 towards the 1.1840 support and possibly lower. On the other hand, a break of the 1.2146 resistance would shift the bias to the upside, indicating further rebound towards 1.2269 and above.

Looking at the bigger picture, as long as the 1.1840 support level holds, the rise from the 2022 low of 1.0351 should continue towards the 61.8% retracement level of 1.4248 (2021 high) at 1.2759. However, if the 1.1840 level is decisively broken, it would complete a double top pattern (1.2445, 1.2446) after rejection by the 55-week EMA (currently at 1.2251), indicating a deeper decline towards the 38.2% retracement level of 1.0351 to 1.2445 at 1.1645.

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