Detailed FX Market Outlook and Analysis

GBP/USD Daily Analysis 17-FEB-2023

GBP/USD Daily Analysis

The current intraday bias for GBP/USD is pointing downwards. The decline from 1.2446, which is the third leg of the corrective pattern from 1.2445, is expected to target the support level of 1.1840, and potentially even lower. On the upside, if the price surpasses the minor resistance level of 1.2073, the intraday bias will become neutral initially.

In the bigger picture, the increase from the bottom of 1.0351 in the medium term is likely to be correcting the entire downtrend from 1.4248, which was the high point in 2021. Further gains are expected as long as the support-turned-resistance level of 1.1644 holds. The next target is the 61.8% retracement level of the drop from 1.4248 to 1.0351, which is at 1.2759. A sustained breakthrough at this level will pave the way for a return to the high point of 1.4248.

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