Detailed FX Market Outlook and Analysis

GBP/USD Daily Analysis 22-MAR-2023

GBP/USD Daily Analysis

The GBP/USD is currently rising from 1.1801, and the intraday bias remains on the upside towards the 1.2445/6 resistance zone. It was previously noted that the corrective pattern from 1.2445 may have completed with three waves to 1.1801 already. If there is a firm break of 1.2445/6, it will resume the larger rise from 1.0351 and target the 1.2759 fibonacci level. The outlook will stay cautiously bullish as long as 1.2009 support holds in case of a retreat.

Looking at the bigger picture, the price action from 1.2445 is seen as a corrective pattern to the rise from the 1.0351 medium-term bottom (2022 low). Resumption is expected at a later stage, and a firm break of 1.2446 will target the 61.8% retracement of 1.4248 (2021 high) to 1.0351 at 1.2759. This will remain the favored case as long as the 38.2% retracement of 1.0351 to 1.2445 at 1.1645 holds.

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