Detailed FX Market Outlook and Analysis

GBP/USD Daily Analysis 09-JAN-2023

GBP/USD Daily Analysis

Intraday bias in GBP/USD remains mildly on the upside for the moment. Correction from 1.2445 could have been completed after hitting the 55-day EMA. A retest of 1.2445 high should be seen next. On the downside, however, the break of 1.1840 will resume the decline to 38.2% retracement of 1.0351 to 1.2445 at 1.1645.

In the bigger picture, the rise from the 1.0351 medium-term bottoms is at least correcting the down trend 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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