GBP/USD Update and Intraday Analysis
In today’s intraday analysis, the bias for the GBP/USD pair remains neutral, indicating a temporary equilibrium between buyers and sellers. A breakthrough below the level of 1.2306 would reignite the correction phase initiated from the high point of 1.2678. In such a scenario, a deeper decline is anticipated, with the pair likely targeting the cluster support at 1.1805. Notably, this support level aligns with the 38.2% retracement of the upward move from 1.0351 to 1.2678, which is situated at 1.1793. On the upside, a breach above 1.2547 would signal a resumption of the rebound from 1.2306, with the potential to retest the previous high at 1.2678.
Taking a broader perspective, the overall analysis suggests that as long as the key support level of 1.1805 remains intact, the rise from the medium-term bottom at 1.0355 (2022 low) is expected to extend further. A sustained break above the 61.8% retracement level of the decline from the 2021 high at 1.4248 to 1.0355 at 1.2763 would provide additional evidence for a long-term bullish trend reversal. However, a decisive break of the support level at 1.1805 would indicate a rejection by the resistance at 1.2763 and potentially trigger a more profound decline, albeit classified as a correction within the larger trend.
GBP/USD Daily Analysis Summary
To summarize, the GBP/USD intraday analysis suggests a neutral outlook, with key levels to monitor. Traders should closely observe the price action around 1.2306 and 1.2547 for further indications of the pair’s short-term direction. Moreover, the medium-term perspective indicates the potential for an extended uptrend, provided that the support at 1.1805 holds.
- GBP/USD intraday bias remains neutral
- A break below 1.2306 may lead to a deeper decline toward 1.1805 support
- A break above 61.8% retracement at 1.2763 indicates a bullish reversal, while a break of 1.1805 support suggests a deeper decline
