GBP/USD Daily Analysis
The intraday bias for GBP/USD is slightly bearish, with a focus on the 1.1960 support level. A break below this level would resume the downtrend from 1.2446, serving as the third leg of the corrective pattern from 1.2445, with a potential drop to 1.1840 support and possibly even lower. As long as the 1.2269 resistance level remains intact, the risk will remain mildly bearish in case of a recovery.
Looking at the bigger picture, the rise from the medium-term low of 1.0351 is at least a correction of the entire downtrend from 1.4248 (the 2021 high). Further upward movement is anticipated as long as the support turned resistance level of 1.1644 remains in place. The next target is the 61.8% retracement level of 1.4248 to 1.0351 at 1.2759. A sustained break above this level would pave the way for a return to 1.4248.
