Detailed FX Market Outlook and Analysis

GBP/USD Daily Analysis 09-June-2023

daily analysis

GBP/USD Update and Intraday Analysis

In the latest GBP/USD Daily Analysis, the surpassing of the 1.2547 resistance point signals the resumption of the rebound, previously at 1.2310. The intraday bias has taken a positive turn, setting the stage for the retest of the 1.2682 high next. On the contrary, if a fracture in the 1.2456 minor support is noted, it could shift the bias back towards the downside, expanding the pattern from 1.2682 with another declining leg going beyond the 1.2310 support level.

Broadening our perspective in the Daily Update, provided the 1.1805 support level remains intact, it’s plausible that the rise from the 1.0355 medium-term low (established in 2022) will push even further. A persistent breach of the 61.8% retracement, ranging from 1.4252 (high in 2021) to 1.0355, and currently sitting at 1.2763, would strengthen the case for a long-term bullish trend reversal. Yet, a firm breach of the 1.1805 support level could signify a rebuttal at 1.2763 and prompt a more profound decline, possibly as a corrective measure.

GBP/USD Daily Analysis Summary

In summary, the GBP/USD Daily Analysis indicates that:

  • An upward trend is evident with the surpassing of the 1.2547 resistance point, aiming for the retest of the 1.2682 high.
  • A potential shift towards a bearish trend could occur if the 1.2456 minor support is fractured, extending the fall beyond the 1.2310 support.
  • A long-term bullish trend reversal might take place with a sustained break of the 61.8% retracement at 1.2763. Conversely, a firm breach of 1.1805 could trigger a deeper decline.

It’s clear that the GBP/USD pair is at a critical juncture, with key support and resistance levels shaping its trajectory. Hence, continued monitoring through daily analysis and daily updates is vital for informed trading decisions.

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