Detailed FX Market Outlook and Analysis

GBP/USD Daily Analysis 15-FEB-2023

GBP/USD Daily Analysis

The intraday bias for GBP/USD has turned neutral as the rebound has stalled at 1.2269. However, it is still expected that the corrective pattern from 1.2445 has already been completed at 1.1960. If the pair breaks above 1.2269, it will retest the 1.2445/6 resistance zone. On the downside, if 1.2029 is broken, the corrective pattern will extend with another fall towards 1.1960 and 1.1840 support.

In the bigger picture, the rise from the medium-term bottom of 1.0351 is correcting the entire downtrend from the 2021 high of 1.4248. A further rise is expected as long as the support turned resistance level of 1.1644 holds. The next target is the 61.8% retracement level of 1.4248 to 1.0351 at 1.2759. If a sustained break occurs at that level, it will pave the way back to 1.4248.

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