Detailed FX Market Outlook and Analysis

GBP/USD Daily Analysis 16-JAN-2023

GBP/USD Daily Analysis

Intraday bias in GBP/USD stays on the upside at this point. A rise from 1.1840 should target a test on the 1.2445 high. Decisive break there will resume the whole rally from 1.0351 to 1.2759 Fibonacci level. On the downside, the break of 1.2086 minor support will turn intraday bias neutral first


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