Detailed FX Market Outlook and Analysis

GBP/USD Daily Analysis 20-FEB-2023

GBP/USD Daily Analysis

The intraday bias for GBP/USD is currently neutral, and the downside risk will persist as long as the resistance level of 1.2269 remains intact. If the price breaks below 1.1914, it will resume its downward trend from 1.2446 and reach the 1.1840 support level, possibly going even lower as the third leg of the corrective pattern from 1.2445.

In the larger context, the rise from the medium-term bottom of 1.0351 is likely a correction of the entire downtrend from the 2021 high of 1.4248. Further upward movement is anticipated as long as the support-turned-resistance level of 1.1644 holds. The next target level is the 61.8% retracement of the decline from 1.4248 to 1.0351, which is at 1.2759. If there is a sustained break above that level, it could lead the way back up to 1.4248.

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