Detailed FX Market Outlook and Analysis

GBP/USD Daily Analysis 08-MAR-2023

GBP/USD Daily Analysis

The GBP/USD’s intraday bias remains neutral at this point. A break of the downside at 1.1914 will resume the decline from 1.2446, as the third leg of the corrective pattern from 1.2445, with a target of 1.1840 support and possibly even lower. On the upside, a break of 1.2142 resistance will turn the bias back to the upside, with further rebound expected to reach 1.2269 and beyond.

Looking at the bigger picture, as long as the support level of 1.1840 holds, the rise from the medium-term bottom of 1.0351 (2022 low) should continue to the 61.8% retracement of 1.4248 (2021 high) to 1.0351 at 1.2759. However, a decisive break of 1.1840 will complete a double top pattern (1.2445, 1.2446) after rejection by the 55-week EMA (now at 1.2243). This will lead to a deeper decline back to the 38.2% retracement of 1.0351 to 1.2445 at 1.1645.

Latest Analysis