Detailed FX Market Outlook and Analysis

GBP/USD Daily Analysis 05-DEC-2022

GBP/USD Daily Analysis

Intraday bias in GBP/USD stays on the upside at this point. The current rally from 1.0351 should target 1.2759 medium-term Fibonacci level next. On the downside,e break of 1.1898 support is needed to indicate short-term topping. Otherwise, the outlook will stay bullish in case of retreat.

In the bigger picture, the rise from the 1.0351 medium-term bottoms is at least correcting the downtrend from 1.4248 (2021 high). Further rise is expected as long as 1.1644 resistance turned support holds. The next target is a 61.8% retracement of 1.4248 to 1.0351 at 1.2759. A sustained break there will pave the way back to 1.4248.

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